Entrepreneur raises £315,000 from Suros Capital in 24 hours

24 January 2023

A businessman looking to part fund a business opportunity in the hospitality sector was able to raise £315,000 from Suros Capital against his watch collection, including models by Rolex, Patek Philippe, Franck Muller and Panerai, to make the deal happen.

Our client was in danger of missing out on an opportunity to purchase a business, until he approached a watch dealer, as he was initially intent on selling a lot of the collection to get the required funding. He sold a few pieces to the watch dealer he didn’t want to keep and introduced them to Suros Capital to find out more about borrowing against the pieces in their collection that they wanted to retain ownership of.

Suros Capital valued the watches and released funds the following day. The whole transaction was completed within 24 hours of the valuation.

Speaking about the deal, Ray Palmer, Director at Suros Capital said, “ Here we have a classic case of a client needing to raise capital quickly and making use of a number of luxury assets. However, instead of having to sell them, he was able to borrow against them. Also, I don’t think there is an alternative source that can produce funding as quickly as Suros Capital. The loan has an initial term of six months. The client can repay the loan at any time and by coming to Suros, he is able to borrow but also keep ownership of his collection.”