Virgin Money Secures £30M Credit Facility for Gresham House Fund
Deal News | Mar 27, 2025 | Osborne Clarke
Osborne Clarke, a prominent international legal firm, has advised Virgin Money on establishing a three-year revolving credit facility of £30 million, with an uncommitted accordion facility adding up to another £30 million, for a forestry fund managed by Gresham House. The deal marks a significant collaboration between Virgin Money's sustainability and ESG strategies and Gresham House's long-term objectives in sustainable forestry and afforestation. Notable legal counsel for the transaction included Osborne Clarke's energy and infrastructure finance team, as well as Harper Macleod LLP and Brodies LLP. This financial arrangement underscores the UK's expanding natural capital footprint and highlights the role of sustainable forestry in achieving Net Zero targets through carbon sequestration.
Sectors
- Financial Services
- Legal Services
- Forestry and Environmental Services
Geography
- United Kingdom – The primary transactions and participants involved are based in the UK, including Virgin Money, Gresham House, Osborne Clarke, Harper Macleod LLP, and Brodies LLP.
Industry
- Financial Services – Virgin Money's involvement in providing a credit facility is central to the financial services industry, focusing on sustainable lending practices.
- Legal Services – Osborne Clarke's role in advising on the transaction highlights the legal services industry's involvement in M&A and financial dealings.
- Forestry and Environmental Services – Gresham House's focus on sustainable forestry management and environmental impact underscores this sector's relevance.
Financials
- £30 million – The committed revolving credit facility amount provided by Virgin Money.
- up to £30 million – The additional uncommitted accordion facility amount offered.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Virgin Money | Lender | Company | A financial services company providing a revolving credit facility to Gresham House's forestry fund. |
| Osborne Clarke | Legal Advisor | Company | An international legal practice advising Virgin Money on the transaction. |
| Gresham House | Fund Manager | Company | A specialist investment manager overseeing the forestry fund. |
| Harper Macleod LLP | Scottish Counsel | Company | Provided Scottish legal counsel to Virgin Money. |
| Brodies LLP | English and Scottish Counsel | Company | Served as counsel for both English and Scottish legal aspects for Gresham House. |
| Caroline Gregson | Lead Legal Advisor | Person | Partner at Osborne Clarke leading the legal advisory team. |
| Tony Cameron | Advisor | Person | Leads the financing advisory team at Harper Macleod LLP. |
| Graham Nisbet | Advisor | Person | Advises on real estate matters at Harper Macleod LLP. |
| Stephen Beck | Finance Director | Person | Director at Gresham House overseeing real assets finance. |
| Adam Heslop | Senior Director | Person | Senior Director of Renewable Energy at Virgin Money. |