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Inspiretec secures multi-million pound refinancing deal

Inspiretec, a leading global technology partner based in Cardiff has secured a multi-million pound facility with NatWest, in order to refinance historical banking facilities. The significant refinance deal was supported by Gambit Corporate Finance, which acted as lead financial advisor to Inspiretec.

Inspiretec is a leading global technology partner for travel agents, tour operators, loyalty brands, hotels, conference destinations and tourism organisations. The group’s complementary market leading software products, including the Travelink end-to-end booking and reservation system and the Holistic travel CRM system, provide the only full stack solution available to the Travel & Hospitality sector.

The refinance will provide Inspiretec with an appropriate capital structure to continue its impressive performance into 2020 and beyond. NatWest will provide the funding via its Lombard Intellectual Property Funding solution, which enables technology companies to unlock the value of their software.

The company achieved considerable success in 2019, securing significant new customers, developing new products and integrating systems and teams. As a result of this success, Inspiretec’s revenue has risen to £9.2 million, with EBITDA of £1.2 million. Further growth is expected at the company, with new Cruise and Retail products recently being launched which will seamlessly integrate with Inspiretec’s existing product stack.

The growth of Inspiretec echoes the exceptional rise of the Technology sector in Wales, which has seen an 83% rise in employment since 2010, according to the Office for National Statistics. The growth in employment levels in Wales was the greatest of any UK nation or region of the UK, with the south west of England second, with a rise of 41% since 2010.

Matt Wakerley, Managing Director of the Inspiretec Group said: “We are delighted to have secured new funding and partnership from Lombard and Natwest. They are leading the way in the market by recognising that companies like ours have significant intangible assets in the form of the software we have built over many years, and to be able to use these as security for lending really is 21st century banking at its best. This is largest deal of its type done in Wales and we hope sets the benchmark for the market in the future”.

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The deal, which is a new to market innovation, was created through collaboration between Chris James, Relationship Director, Lombard, Yan Skuse, Relationship Manager, Lombard Technology Services, and Adrian Coles, Relationship Director, NatWest.

Chris James, Relationship Director, Lombard, said of the deal: “Working pan-bank to create an innovative solution that will enable Inspiretec to continue its growth has been an incredibly rewarding experience.”

Adrian Coles, Relationship Director, NatWest commenting on the significance of the deal for the region said: “Partnering with a globally successful company that has its roots in Wales shows the potential of the Welsh technology sector to become a world leading force.”

The Gambit team was led by Jason Evans, Partner, and Tim Brotherton, Director, who were responsible for identifying and approaching selected funders, advising the company throughout the transaction and negotiating the terms of the facility.

Jason Evans, Partner, Gambit said: “We are delighted to have acted for Inspiretec in securing a new funding structure. Simon, Matt and the rest of the management team have effectively merged the teams and products of four businesses over the past few years to create a successful business with an exceptional product set. The refinance will enable the business to continue to build on its recent achievements.”

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