Memery Crystal advises Wellesley Finance Plc on "Wellesley Savings Bond" offer

The three types of bond on offer are as follows:

• The 3 Year Bond, which has an initial fixed-term of 3 years and will pay interest at a rate of 6.0% (gross), payable in cash every 6 months from the date of issue.
• The 4 Year Bond, which has an initial fixed-term of 4 years and will pay interest at a rate of 6.5% (gross), payable in cash every 6 months from the date of issue.
• The 5 Year Bond, which has an initial fixed-term of 5 years and will pay interest at a rate of 7.0% (gross), payable in cash every 6 months from the date of issue.

Applicants can apply for all three Bonds in multiples of £10 subject to a minimum amount of £100 and a maximum of £25 million (being the maximum aggregate amount of Bonds being issued in Series 1).  Applications for the Bonds will be accepted until such time and date as shall be notified by Wellesley on its website (www.wellesley.co.uk).

Having launched in June 2013, Wellesley Finance Plc has successfully financed over £50 million of property loans, focusing its lending activities on the short-term residential mortgage market and the commercial development finance sector.  Wellesley has a proven source of cost-effective funding through its sister company, Wellesley & Co Limited, which is a Peer-to-Peer lending platform.

Proceeds from the Wellesley Savings Bonds will provide additional operating capital which will be used for secured lending and business expansion by Wellesley.

The Memery Crystal team was led by corporate partner David Walker and included corporate colleague Matthew Pawlak, tax partner Tim Crosley and tax solicitor Jessica Gibbs.

Led by David Walker, Memery Crystal previously advised a number of other UK companies on the issue of retail corporate bonds, including King of Shaves, Hotel Chocolat, Ecotricity, Caxton FX, The Jockey Club, Firerock Energy, SmartWater Technology, Golfbreaks.com and Big60Million.

David Walker commented: “We are delighted to have assisted Wellesley Finance Plc with the development and issue of the Wellesley Savings Bonds, which will be an important tool in financing its further expansion and secured lending.  Having worked on more retail corporate mini-bonds than any other UK law firm, we are excited about the benefits they have brought to so many companies and organisations across a wide range of sectors, and that they are continuing to gain in popularity.”

Memery Crystal is a recognised leader for its corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies.  The firm has been highly ranked for its excellence in handling M&A and IPO deals by both Chambers UK and The Legal 500, acting for public and private companies as well as for their nominated advisers and brokers.