The owner of the Academy of Contemporary Music has secured a £2.4m loan from ThinCats to expand the business further following a surge in student numbers.
ACM was founded in 1997 to provide higher education courses for students in the contemporary music and arts arena. It has done this with considerable success, with Ed Sheeran, Newton Faulkner and Kate Nash being amongst its former students.
As well as being the sole shareholder of ACM, Kainne Clements is also the owner of Metropolis Studios, offering students the opportunity to benefit from recording at Europe’s largest independent studio, that has recorded and mixed albums for Queen, Michael Jackson, U2, Lady GaGa, Amy Winehouse, Adele, Rihanna and many more.
Working alongside the Debt Advisory Team at RSM, Partner Damian Webb, said: “We approached a number of funders as part of this process, but what really appealed to ACM was ThinCats strong understanding of the business, and their ability to structure the funding appropriately. The ability to speak to real people who can respond quickly was a real factor in choosing ThinCats ahead of other lenders.”
Dave Sherrington, who heads business origination at ThinCats across London and the South East, said: “Working with RSM on this deal was a real pleasure. The level of information and understanding of both parties’ requirements allowed us to deliver a compelling solution, quickly. We are pleased to be supporting such an ambitious and successful entrepreneur as Kainne Clements and look forward to supporting his future plans for the business.”
Discussions are already underway to secure a third site which will help ACM on their trajectory to doubling their student numbers.