The funding from Santander will see use in helping it re-finance existing debt and support investment in digital apps as well as new titles and the production of original content. Recent brand extensions for the group include the Beast Quest gaming app, which is claimed to have achieved over ten million downloads.
Coolabi Group added that the refinancing will help it make significant investments in original content and position the company for an even more successful future. “The support from Santander Corporate & Commercial will enable Coolabi to continue building and investing in high-quality TV productions, books and digital content for family entertainment and help us catalyse our growth strategy, commented chief financial and operating officer Tim Ricketts. “The Santander team really understood both our business and strategy whilst delivering in an efficient manner. We look forward to building upon our partnership.”
Added Paul Baker, relationship director at Santander Corporate & Commercial: “Coolabi has grown into an influential player in the UK and global children’s entertainment sector due to a commitment to strong, high quality content and a focus on multi-media engagement. Its success is testament to its highly regarded management team, and Santander is delighted to be able to support their long-term expansion plans.”