Duke Royalty Limited, a leading provider of hybrid capital solutions for SME business owners in Europe and North America, has announced a follow-on investment of £2.9 million into its existing capital partner, Step Investments Limited. This investment will enable Step to acquire existing loan notes and increase its equity shareholding in Bay Broadcasting Limited. The investment will also allow Step to refinance loan notes at Bay on favorable terms, enhancing Step's security package. Duke's total investment in Step now amounts to £11.5 million. The enlarged group now has substantial operations across the UK and Ireland with more than 400 employees.
Bay Broadcasting Limited, the recipient of the investment, is a Holding Company with interests in three profitable, popular Irish radio stations. Neil Johnson, Duke Capital CEO, expressed satisfaction with the partnership, stating that the strategic transaction adds stable profitability to the group and enhances Duke's senior security position. Mike Ormonde, Step CEO, also expressed gratitude for Duke's long-term investment solution, which has facilitated multiple opportunistic transactions and allowed the company to grow its platform while removing refinancing risk.
Duke Royalty Limited's portfolio includes a diverse range of partners, and the company has been providing unique long-term financing since 2017, aligning its returns to grow with the success of the business. For further information, interested parties can visit the company's website or contact the provided numbers for inquiries.