A funder of invoice financing firm Apricity was behind receivers being appointed

One of Apricity Finance’s debt providers has emerged as the company which forced one of its group entities into administration this week.

Apricity Finance chief executive Linden Toll..

Specialist debt provider GCI has emerged as the company which appointed receivers to an Apricity Finance group entity, as it seeks to enforce its security claims over unspecified debts.

Apricity Transasia Finance Pty Ltd was placed in administration on Monday, with Alan Hayes and Wayne Marshall of Hayes Advisory appointed as receivers and managers.

While that entity’s owner, Apricity Finance Group Pty Ltd has not been placed in administration, the Apricity website is not operational and the company is not answering calls to its head office.

GCI on Wednesday told The Australian it was a secured lender to Apricity Transasia specifically.

READ MORE: Millions in payouts loom for former Scott’s employees

“GCI funded a single, specific funding vehicle of Apricity (Apricity Transasia Pty Ltd) and is the secured lender over all the assets of that entity,’’ GCI said.

“GCI was not a lender to Apricity Finance Group Pty Ltd.

“GCI appointed Alan Hayes and Wayne Marshall as receivers to Apricity Transasia Pty Ltd (as above) to which GCI is the secured lender.

“GCI’s concern is enforcing our security over the assets of Apricity Transasia Pty Ltd and hence the appointment of Alan Hayes and Wayne Marshall as receivers.’’

Sydney-based GCI, founded in 2015 by Steven Sher and Gavin Solsky, provides solutions such as asset-backed finance, scale-up finance and strategic capital.

The company also provides an avenue for wholesale investors to become involved, and its website indicates it offers investor solutions across a commercial finance fund, an SME mortgage fund, a leap capital growth fund and a strategic capital investment option.

Bowral-based Apricity, whose directors are Linden Toll and Andrew Meakin, offers an invoice financing product under which it would lend up to 95 per cent of the value of approved invoices to business borrowers.

“Apricity Invoice Finance offers a funding solution that is simple, reliable and fast,’’ a cached version of the company’s website says.

“By financing up to 95 per cent of approved invoices upfront, we remove the stress of waiting for big customers to pay their bills.

“We help you leverage your own assets without the need to take on additional debt, delivering cash flow surety and powering business growth.’’

he company’s LinkedIn site says it focuses on high credit-quality customers “from a broad range of industries, from food growers, distributors, wholesalers, logistics operators, labour hirers, transport companies, and telecommunications and mining suppliers’’.

“Established in 2013, we’ve helped a wide range of small to medium sized businesses bring certainty to their balance sheets.’’

Apricity would advance customers 95 per cent of the face value of outstanding invoices, with the remaining amount, less Apricity’s 3 per cent fee, also paid to the customer for invoices paid within 30 days.