Luke Townsend, founder and chief executive of Zorin, will retain a shareholding and transition the business under its new ownership.
Global investment firm Avenue Capital Group has completed the acquisition of a majority shareholding in Zorin Finance, the UK property development and investment finance lending platform, from Alternative Credit Investments.
Luke Townsend, founder and chief executive of Zorin, will retain a shareholding and transition the business under its new ownership.
In addition to purchasing a majority shareholding in Zorin, Avenue has acquired the existing Zorin Finance Portfolio from Alternative Credit Investments and has exclusivity to fund all of Zorin’s future loan originations.
Townsend said: “We have established Zorin as a key player in the alternative residential development finance market over the last 10 years and now look forward to significantly scaling the business with Avenue Capital Group and introducing new product lines.
"Indeed, with the ability to now provide larger loans of up to £100m at more competitive rates, we intend to have an even greater impact on helping UK housebuilders meet the nation’s new housing needs.
“I would like to thank the Beckwith Family and ACI for their partnership and support over the years and wish them well for the future.”
Piers Beckwith, former shareholder and director of Zorin Finance, commented: “We are proud to have supported Zorin Finance for the last decade and to have helped the business grow in such an exciting nascent space.
"We wish the team and the business every success as they begin this new chapter.”
