Alternative finance provider hails record year with £378m lending figure

Alternative finance provider ThinCats has reported a record year with £378m lent to SMEs across the UK in the year to the end of June.

ThinCats, the leading alternative finance provider to mid-sized SMEs, has today released its origination results for its financial year ending 30th June 2024.

The Ashby-de-la-Zouch headquartered company said this was achieved during a period of time when the overall market has seen a drop in volumes by more than 19%.

Growth in origination was underpinned by strong performance in the business’s sponsor franchise which supported PE-backed transactions with more than £240m. ThinCats is the largest non-bank lender to UK lower mid-market private equity transactions and maintains a market leading position in M&A funding.

To date, ThinCats has lent more than £1.9bn to businesses from a range of sectors across the UK and assets under management now stand at record levels of £800m.

Mike Hackett chief commercial officer, ThinCats, said: “Over the past couple of years, we’ve seen huge challenges facing businesses of all sizes. Cost inflation, energy bills and higher interest rates has led many to take and ‘wait and see’ approach. And while we’ve seen a drop in activity across the whole market, I am pleased that we have continued to grow and report increasing origination levels.

“As consumer and business confidence continues improve, alongside more favourable economic conditions, we are expecting a significant increase in M&A activity largely due to pent up demand.”