Which UK lenders fund dividend recapitalisations?
The answer
18 lenders in Solon's directory list dividend recapitalisations among the deals they fund. By type, they are 7 clearing banks, 3 asset-based and asset-finance lenders, 4 challenger and specialist banks and 4 private-credit funds. Alphabetically, they are Aurelius Finance Company, Bank of Ireland UK, Barclays, DunPort Capital Management, Eurazeo (Private Debt), HSBC UK, Investec, Kartesia, Lloyds Bank, NatWest, OakNorth Bank, PNC Business Credit, Santander UK, Secure Trust Bank, Secure Trust Bank Commercial Finance, Shawbrook Bank, Tosca Debt Capital and Virgin Money. A further 3 lend at sizes above the lower mid-market: Ares Management, Barings and Pricoa Private Capital (PGIM Private Capital).
Answered by Solon Corporate Finance from the lenders’ own published terms · Last reviewed 27 September 2026
How this list is drawn
A lender appears here when dividend recapitalisations are among the deal types on its profile, drawn from the lender's own published material.
What to know
A dividend recapitalisation borrows against the company's cash flow to return capital to its shareholders, leaving the business more indebted but otherwise unchanged. Lenders look harder at a recap than at an acquisition because no new earnings arrive with the debt, so the facility is sized on the cash flow the company already produces and on the owners' record with debt.
All of the lenders below also refinance existing facilities, and a recap is often done at the same time. The guide to dividend recap refinancing sets out what lenders test and how much is typically available.
The lenders18
| Lender | Type | What they lend | Published range | Reviewed |
|---|---|---|---|---|
| Aurelius Finance Company | TypeAsset-based · Asset-based lending | LendsHybrid ABL + senior cashflow facility | Range£5m–£40m | ReviewedJun 2026 |
| Bank of Ireland UK | TypeClearing banks · Clearing & relationship | LendsLeveraged / acquisition finance | RangeNot published | ReviewedJun 2026 |
| Barclays | TypeClearing banks · Clearing & relationship | LendsSenior term loan, Revolving credit facility (RCF), Asset-based lending (ABL) | Rangefrom £3m | ReviewedJul 2026 |
| DunPort Capital Management | TypePrivate credit · Unitranche & senior direct | LendsUnitranche / senior secured direct lending, junior / subordinated & holdco capital | Range£3m–£15m | ReviewedAug 2026 |
| Eurazeo (Private Debt) | TypePrivate credit · Unitranche & senior direct | LendsSenior secured / unitranche, subordinated debt, leveraged loans (syndicated senior) | Range£4.2m–£85m | ReviewedJul 2026 |
| HSBC UK | TypeClearing banks · Clearing & relationship | LendsSenior secured term loans, revolving credit facilities, trade and working-capital finance | Rangefrom £5m | ReviewedJul 2026 |
| Investec | TypeChallenger & specialist · Private & merchant banks | LendsBilateral senior debt, unitranche, subordinated / mezzanine debt | Rangeup to £100m | ReviewedJul 2026 |
| Kartesia | TypePrivate credit · Unitranche & senior direct | LendsSenior secured (first lien), unitranche, subordinated / junior | Range£8.5m–£60m | ReviewedJul 2026 |
| Lloyds Bank | TypeClearing banks · Clearing & relationship | LendsSenior term loan, revolving credit facility, acquisition / capex facilities | Rangefrom £5m | ReviewedJul 2026 |
| NatWest | TypeClearing banks · Clearing & relationship | LendsBilateral term loan, Revolving credit facility (RCF), senior syndicated / club loan | Range£1m–£30m | ReviewedJul 2026 |
| OakNorth Bank | TypeChallenger & specialist · Challenger banks | LendsSenior term loan (amortising and non-amortising), acquisition / management-buyout finance, working-capital facilities | Range£1m–£50m | ReviewedJul 2026 |
| PNC Business Credit | TypeAsset-based · Asset-based lending | LendsABL revolving line of credit, secured term loan, cash flow term loan | Range£5m–£250m | ReviewedJul 2026 |
| Santander UK | TypeClearing banks · Clearing & relationship | LendsSenior term debt, revolving credit / working-capital facilities, invoice finance | Rangefrom £3m | ReviewedJul 2026 |
| Secure Trust Bank | TypeChallenger & specialist · Challenger banks | LendsAsset-based lending (multi-asset), invoice finance / invoice discounting, stock & inventory finance | Range£3m–£50m | ReviewedJul 2026 |
| Secure Trust Bank Commercial Finance | TypeAsset-based · Asset-based lending | LendsInvoice discounting / invoice finance (receivables), stock and inventory finance, plant, machinery and vehicle finance | Range£5m–£50m | ReviewedJul 2026 |
| Shawbrook Bank | TypeChallenger & specialist · Challenger banks | LendsSenior cashflow leverage (term loan, EBITDA-multiple sized), unitranche (sponsor-backed), Asset-based lending (ABL) | Range£3m–£50m | ReviewedJul 2026 |
| Tosca Debt Capital | TypePrivate credit · Unitranche & senior direct | LendsStructured debt | Range£10m–£30m | ReviewedJul 2026 |
| Virgin Money | TypeClearing banks · Clearing & relationship | LendsStrategic / acquisition finance | RangeNot published | ReviewedJun 2026 |
Above the lower mid-market
A reference list drawn from each lender’s published material, informational and not a ranking or a recommendation. Each name links to the lender’s profile, where the sources are listed.