Finance Yorkshire invests in Chameleon TechnologyPrint news article
Walker Morris corporate lawyers advise on new type of investment from Finance Yorkshire.
Corporate and finance lawyers from Walker Morris have advised Finance Yorkshire on an innovative loan with profit participation investment in Chameleon Technology (UK).
Chameleon, based in North Yorkshire, develops in-home energy devices to help customers monitor and reduce their energy consumption. It is the first business to benefit from a new type of investment from Finance Yorkshire called ‘Loans with Profit Participation’. The scheme, which can be single drawdowns or tranched investments, can last less than five years, offer a repayment holiday and be secured behind existing bank and finance facilities.
The technology firm, which employs ten people and will finish the year with a fourfold increase in turnover, will use the investment to grow the company and product range further and to explore new markets.
A team of corporate and finance lawyers from Walker Morris advised on the deal including Peter Considine, finance partner, and Oliver Duke, corporate solicitor.
Peter Considine, who led the Walker Morris team said:
“We’ve been privileged to act on a number of investments for Finance Yorkshire. It is always extremely satisfying to see companies growing and developing in the region. The investments from Finance Yorkshire provide an excellent platform for long-tem growth.”
Finance Yorkshire Investment Director, Andrew Burton, said:
“Chameleon was an ideal choice for this type of investment – an excellent management duo leading a respected technical team who have secured an enviable position in the UK and overseas IHD market, driven by legislative pressure on utility companies to encourage users to monitor and manage energy consumption.
“As one of the leading IHD suppliers, Chameleon is at the forefront of the development of the emerging international standards, with the ability to design and manufacture high quality products.”