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Wednesday 06 December 2017

Backer calls in loan on posh e-pawnbroker Borro

logoBorro, the nine year-old London-based consumer lender that offers loans secured by luxury assets (i.e. posh e-pawnbroker), has in effect been acquired through a majority investment by one of its backers, Chicago-based Victory Park Capital (VPC). Terms were not disclosed. VPC provided Borro with a £67m credit facility in February 2014 (see IndustryViews Venture Capital Q1 2014).

According to media reports, Borro’s CEO and founder, Paul Aitken, left the business earlier this year and the company subsequently pulled out of the property bridging loan market. Borro entered this market in August 2015 and subsequently reported an operating profit of £1m but a £2.7m net loss following a £7m operating loss and £9.8m net loss in 2014. At the time (September 2016) the company was predicting a £5m operating profit and ‘a small profit after loan funding costs’ in 2016, though these accounts have yet to be filed.

Posted by Anthony Miller at '10:04' - Tagged: acquisition   funding  

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