Great Annual Savings Company attracts financing from investor
The Great Annual Savings Company has received a capital injection from Tosca Debt Capital, a Manchester-based private equity company.
Since being founded seven years ago, the Great Annual Savings Company helps small and medium-sized businesses in the UK and Ireland with services that enable them to save on their energy, water, telecoms, insurance and fire safety costs. The Seaham-headquartered company has grown strongly since inception, and will leverage the added financial muscle to expand its footprint in the SME services intermediary market.
The growth capital financing has been raised from Tosca Debt Capital, a private equity group which also has investments in demolition specialist Cantillon, financial services consultancy Sionic, data-driven marketing consultancy GI Solutions Group and healthcare products provider Vernacare.
Commenting on why the financial sponsor injected funds into the Great Annual Savings Company, Gary Davison, founder of Tosca Debt Capital, pointed at the company’s impressive track record and its growth outlook. Amid a backdrop of growing competition and rising costs of doing business, as well as Brexit casting a shadow on future profitability, the need for efficient internal operations across the UK is set to rise. Great Annual Savings Company caters to this demand, and aims to grow its client base far beyond the current 6,000 customers.
Brad Groves, CEO of Great Annual Savings, said: “The partnership with Tosca represents a significant milestone in our exciting journey. The investment will facilitate significant growth plans over the next 12 months and help us work towards our vision of becoming the leading UK provider of great cost savings to businesses. We look forward to working with the team at Tosca on our next phase of growth.”
The deal was supported by law firms Addleshaw Goddard (legal advice to Tosca) and Pinsent Masons (legal advice to the shareholders of the Great Annual Savings Company). The Great Annual Savings Company was advised by global investment bank GCA Altium (corporate finance) and EY (financial, commercial and tax due diligence).
