Debt vs Equity: Funding choices that shape the journey

Most founders have a strong instinct about funding. Equity feels ambitious. Debt feels conservative. Neither instinct is always right — and the cost of getting it wrong compounds over time. 

This session brings together two perspectives that rarely sit in the same room. OakNorth has lent over $21bn to proven businesses. Farringford Legal advises scaling companies on the legal structures that make funding work — from early shareholder agreements through to complex raises and exits. 

Together, we’ll work through the questions that actually matter: 

• When does debt make more sense than equity — and when does it not? 
• What does a business need to have in place, legally, before it raises? 
• How do you use both instruments together without creating structural problems? 
• What do banks and investors actually look for — and what trips businesses up? 

Who this is for: Leaders of UK businesses with turnover above £2 million who are actively thinking about their next funding decision – whether that’s growth debt, an equity raise, or figuring out which comes first. 

Speakers:

• Fred Ursell, Head of Investment for Pembroke VCT
• Peter King, Director of Business Banking at OakNorth
• Sarah-Jane Butler, Founder of Farringford Legal