Debt Advisory

The Problem

The struggle with debt

Common issues that surface when a company approaches lenders.

Debt Structure

A poorly structured facility: wrong instrument, covenants that trigger on normal trading, high cost of capital, or dilution that was avoidable. This can be difficult and expensive to refinance out of.

Timing

Approaching lenders too early, mid-raise, or with declining metrics affects what is available and on what terms.

Corporate Structure

Group structure, holding entities, and jurisdiction can block access to capital or create complications that lenders flag during credit. Many founders discover structural issues late in a process, when they are hardest to resolve.

Financial Material

Incomplete or disorganised financial information slows the process and signals operational risk to the lender which may lead to a higher cost of capital.

Debt Structures

The right structure for the right situation

We advise across the full spectrum of debt instruments available to growth-stage companies.

Instrument	Best For	Cost	Dilution	Typical Timeline
Venture Debt Typically sized against recent equity raised, ARR, cash burn and runway. Works best when institutional equity is already in place.	Post-equity raise, extending runway	Medium	Minimal (warrants)	4-8 weeks
Revenue-Based Finance Repayment tied to revenue. No fixed schedule. Suited to SaaS and subscription models.	Recurring revenue businesses	Medium-High	None	2-4 weeks
Asset-Backed Lending Secured against inventory, receivables, or equipment. Often overlooked by founders who default to equity.	Businesses with tangible assets	Low-Medium	None	6-12 weeks
Revolving Credit Facility Flexible drawdown. Ideal for businesses with lumpy cash flows or seasonal revenue patterns.	Working capital management	Low	None	4-8 weeks
Bridge Financing Bridges to next equity round or a specific milestone. Needs careful structuring to avoid signalling distress.	Short-term runway extension	High	Minimal	2-6 weeks
Acquisition Finance Senior, mezzanine, or unitranche structures used to fund M&A and buy-and-build strategies. Usually underwritten against EBITDA or combined entity cash flows.	M&A and buy-and-build strategies	Medium	None	8-16 weeks

* Timelines and costs are indicative. Actual terms depend on business profile, lender appetite, and market conditions.

Deliverables

What we do on a debt mandate

Each engagement is scoped to your situation. Most mandates cover four to six of these workstreams.

Assessment of your group structure, holding entities, and jurisdiction to identify blockers lenders will raise in credit. We can help you restructure to access more capital options.

A clear recommendation on the right type of facility, sizing, and how it fits within your broader capital structure, including whether debt is the right instrument for the intended use case.

A targeted shortlist of lenders matched to your profile, instrument, and size. We manage outreach from first contact through to term sheet.

A lending pack covering the business, financials, and proposed facility, prepared to institutional standards.

Negotiation of pricing, tenor, covenants, and security across competing term sheets. We stay involved until the facility agreement is signed.

Review of covenant packages to identify terms that constrain operations or create default risk.

Who It's For

For founders considering debt financing

We advise on structure, run the lender process, and negotiate terms. Mandates range from first-time facilities to refinancing and acquisition finance.

Talk to an Advisor

This engagement is right for you if…

Founders considering debt for the first time and wanting to understand the landscape
Companies that have raised equity and want to extend runway without further dilution
Businesses with existing debt facilities that need refinancing or restructuring
Founders preparing for an acquisition and needing acquisition finance
Companies with strong recurring revenue looking to leverage it to finance expansion