BERINGEA LAUNCHES PROVEN LEGACY PLC
27 July 2016 — London – Beringea LLP, in its role as Promoter, is pleased to announced the launch of ProVen Legacy plc. The primary objectives of ProVen Legacy plc are to preserve investors’ (shareholders’) capital and enable them to mitigate Inheritance Tax.
The principal strategy of ProVen Legacy plc is to make loans to a variety of small and medium sized UK private companies. The common feature of such loans will be that each loan will be backed by assets used in the business, or the business will have predictable revenue streams.
This strategy is designed with the intention of enabling shares in ProVen Legacy plc to meet the conditions for Business Property Relief, a tax relief provided by the UK Government as an incentive for investing in trading businesses. Investors will potentially benefit from up to 100% relief from Inheritance Tax on the value of the shares, provided that they are held for at least two years and at the time of death.
Stuart Veale, Managing Partner at Beringea, commented “ProVen Legacy plc operates a lending strategy designed to preserve capital and mitigate shareholders’ inheritance tax liability after two years, subject to personal circumstances. Beringea has extensive experience investing in and lending to the SME sector and is acting as Lending Adviser, as well as Promoter, to ProVen Legacy plc.
Mark Taylor, Head of Beringea Growth Finance, will be leading the highly experienced Beringea team. He has extensive experience of debt finance, and is a pioneer of Growth Finance in Europe having been a founder partner of EVP (now Kreos) in 1998. He also founded and managed Noble Venture Finance and, prior to joining Beringea in 2013, was instrumental in creating Clydesdale Growth Finance. His team includes Hilary Weatherstone, previously at Dresdner Kleinwort Benson and Barclays, and Chris Bone, a fellow co-founder of Clydesdale Growth Finance.”