Profits leap 15% at Jerrold Holdings

LENDER Jerrold Holdings saw pre-tax profits rise 15% to £45m in the year to June.

In recently-filed accounts the Cheadle-based group, which operates under a string of different brand names including Auction Finance, Blemain, and Bridging Finance, said sales had dipped 3% to £125.6m.

Jerrold, established in 1973 by Henry Moser and Barrie Pollock, specialises in secured lending for residential and commercial customers across the UK. It employs 337 staff.

In their report the firm’s directors said sales had been affected by a reduction in the group’s loan book values by 6% to £1.01bn. Profits benefited from lower administrative costs and lower costs of funds given the reduction in debt.

In August Jerrold extended its facilities with a syndicate of banks comprising Royal Bank of Scotland, National Australia Bank, Lloyds Banking Group and The Co-operative Bank. The three-year deal saw Jerrold raise the funds via a £395m structured securitisation and a £245m syndicated loan.

Shareholders funds grew by nearly 11% to £327m during the period. There was no dividend.