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Mark Adair 02 Sep 2022
London-headquartered Digital Transformation consulting firm, TPXimpact, has secured a £30m Sustainability Linked Loan (SLL) from HSBC UK to support its acquisition strategy. The business, which works with public services, not-for-profit organisations and large enterprises to enable digital transformation, is using the funding to support its acquisition strategy.
The SLL consists of a £20m refinance plus an additional £10m revolving credit facility, linked to three sustainability objectives to reduce business CO2 emissions, enable employees to volunteer within local communities and improve gender and ethnic diversity and inclusivity. The bank also made additional changes to make the new financing more flexible, to better suit a growing customer.
Oliver Rigby, CFO at TPXimpact, said: “For the past few years we’ve focused on building out our capabilities across the UK. Moving forward our M&A activity will focus on adding new sectors and services and bolstering the existing capability of our integrated operations.
“This new facility from HSBC UK will provide us with the liquidity we need to target acquisitions that align with that strategy, while also reinforcing our bold commitment to our ESG values at the same time.”
Bryony Wilde, purpose director at TPXimpact, added: “We’re committed to delivering impactful digital transformation in a way that benefits our people, planet and communities.
“These values have been woven into our business since day one, so linking them into the funding we secure is a really important step to ensuring financial success is linked to our impact ambitions. In doing so, we can provide the best possible outcomes for our clients and communities.”
Chris Winter, relationship director at HSBC UK, commented: “TPXimpact has seen consistently strong growth over the past few years, and we’re delighted to support the business as it targets expansion into new sectors and services.
“Choosing to secure an SLL shows that TPXimpact is committing to linking its core values to its spending decisions, and we expect to see increasing numbers of technology businesses following suit.”
TLT provided legal advice to HSBC UK on this deal. Jon Stewart, partner at TLT, added: “Whilst Sustainability Linked Loans have been common at the top end of the large corporate space for some time, it is great to see the principles being adopted by upper mid-market organisations.
“It is strategically very important for our firm to be involved at an early stage in this rapidly evolving market. It was a pleasure to work with the teams at HSBC UK to finalise this transaction and support a market-leading consultancy to achieve its ESG objectives.”
By Mark Adair – Correspondent, Bdaily
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