SQN Asset Finance Income Fund Limited has agreed an asset finance facility worth a total of £15.6m (20.05m) for portable hotel accommodation and services provider Snoozebox.
Under the terms of the agreement, the funds will be drawn down in three tranches, with the first £10m expected to be drawn down in the next quarter and the remainder over the next 12 months, subject to operating and performance criteria.
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SQN said the finance would be secured against "business-essential, revenue producing assets", such as modular accommodation of the type that Snoozebox provides.
Neil Roberts, investment manager of SQN Asset Finance Income Fund, said; "Modular accommodation is an area which we are familiar with and our evaluation concluded that Snoozebox represents an attractive lending proposition, linked to a significant market opportunity.
"Our fund is focused on financing business-essential, revenue-producing assets and Snoozebox fits our investment criteria, with the pipeline and growth prospects for its portable hotel accommodation."
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