Insite has secured a new £5.2m investment from Close Brothers, the largest independent fully quoted merchant bank in the UK. The new funding, structured as senior debt, will be used to acquire new freehold advertising sites across the UK.
It has also extended its £25m funding facility with Lloyds for a further 5 years. Lloyds have been funding Insite's ambitious growth strategy since 2006.
Revcap, joint venture partner with Insite's founder, Dan Maiden, has also extended the term of their equity investment for a further 5 years. The transaction also included swapping a proportion of their loan into equity.
Finally, Insite has formed a new holding company (Insite Poster Group Ltd) which now wholly owns its three property-owning entities.