Expansion into Yorkshire and Midlands helps bank pass £4bn lending milestone
Secure Trust Bank Commercial Finance has funded £1bn worth of customer invoices in the last year, bringing its total amount lent to over £4bn since launching in 2014.
It says its performances has been boosted by the launch of regional offices, including bases in Leeds and Birmingham.
The commercial finance arm of the FTSE-listed bank provides a full suite of asset based lending facilities to businesses across the UK, ranging in size from £1m to £50m. The firm provides funding for a range of scenarios, including management buy-ins, restructurings and turnarounds as well as service-led refinances.
The firm said it has achieved an average of 85% year-on-year growth since first establishing itself in Manchester five years ago, while its headcount has increased from six to 30.
Last year, the lender expanded its presence across the UK with new offices in Yorkshire, Midlands and London enabling it to offer a more personal service to its clients in the UK.
In its latest interim results, Secure Trust Bank revealed Commercial Finance had provided £220.7m worth of funding to UK businesses up to 30 June 2019 – an increase of £33.2m in comparison to the same period last year.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “The Commercial Finance business has completely transformed since our inception.
“When we started out, our maximum loan size was £15m, which has since risen to £50m, demonstrating our size and scale in the market. Not only this, but an average 85% year-on-year growth is indicative of our strong proposition and credibility as one of the UK’s leading invoice finance providers.
“Our expansion into Yorkshire and the Midlands has also been a driving factor behind our growth. Having a base in each of the UK regions has enabled us to offer a better service to the businesses we work with which, coupled with our flexible approach to lending, has led to huge increases in facilities we fund.
“We’re confident this growth will continue into the future as we expect to see a record year in Commercial Finance.”
