Aussie SME finance specialist eyeing Manchester locations

Manchester is one of the locations being considered by Australia’s largest provider of SME working capital finance – Scottish Pacific Business Finance – following its acquisition of debtor finance specialist Sterling Trade Finance.

Scottish Pacific is now targeting further acquisitions and expansion in the north of England.

The company says the acquisition of STF, with its established reputation, will strengthen Scottish Pacific’s distribution and product offering in the UK and will provide greater funding options for SMEs in manufacturing, wholesale, retail, distribution, import and export who are looking for trade and invoice finance solutions.

Scottish Pacific’s chief executive Peter Langham and UK executive director Ed Bracey announced the expanded business will be known as Scottish Pacific Business Finance (UK) to reflect its broadened capabilities.

The business, which will be based in new central London offices, is also eyeing further expansion in the north of England, with Manchester among the cities being considered.

Langham said Scottish Pacific’s UK Tradeline team has received many enquiries for broader funding solutions, such as those offered by STF.

“The acquisition of STF will allow our UK clients access to these solutions, to help grow their business,” he said.
 
“The acquisition will create a stronger supply chain finance business, so that Scottish Pacific is first choice for UK businesses wanting to increase their cash flow and achieve their aspirations,” he said.

Bracey said Scottish Pacific’s UK business has been rapidly growing its presence in the UK market for the past two years, with a strong sales performance focused on trade finance.

Scottish Pacific has more than 1,700 clients and handles more than $AU14bn of invoices each year, supported by offices in the UK, China, Australia and New Zealand. It launched into the UK market in March 2015 to help UK SMEs fund their overseas purchases.

Scottish Pacific’s head of international finance Craig Michie said he was delighted that the founding directors of STF, Soheill Sarkoob (managing director) and Steve Pleace (operations director), would become part of Scottish Pacific’s UK team.