Alternative finance provider marks 10th anniversary with record deal

Leeds-based alternative finance provider, Reward Finance Group, has delivered a record £3.45m deal as it celebrates its tenth birthday.

The Business Finance deal, which was concluded in less than a week, was used by a client to refinance more than 70 commercial and residential properties.

It brings the total amount lent by Reward Finance Group to more than £700m.

Since Reward was founded in Leeds in 2010, the company has enjoyed continuous growth year-on-year under the leadership of Tom Flannery and David Jones.

Having expanded its presence with the opening of an office in Manchester, which has established a strong presence in the region, the team has now grown to 30 people across the two offices.

In spring of this year, Reward completed a succession plan by promoting Nick Smith to group managing director, appointing Gemma Wright as MD for Yorkshire and the North East, and bringing in leading industry figure, Steve Noble to head the North West region.

Jones and Flannery will continue as directors and remain fully committed to the company.

Jones said: “The company was born from the post credit crunch era when banks were regrouping and the lending market was in disarray.

“We spotted the opportunity to plug the gap the banks were leaving behind with the gradual withdrawal of overdraft facilities.

“Initially we were looking at a three to four-year window to provide short-term gap funding on a secured basis, and here we are ten-years on and still successfully providing short term working capital to SMEs.”

Smith said: “Rather than box ticking and having a ‘one size fits all’ approach, we look at individual needs, get to know the business and provide flexible lending solutions to meet them.

“We know that the businesses who approach us need the funds quickly, so we work fast to get the security in place so the money can be released. This can take just a few days and, on occasion, a matter of hours.

“We rolled out this successful formula with the opening of the Manchester office, which has really taken off, giving us the confidence to extend our geographical reach further.”

Flannery added: “It has been a fantastic ten years, which have shot by. It is ironic that, having started in a recession we are beginning the next decade in another one due to coronavirus.

“However, we are continuing to provide deals to SMEs, including the record one this month, so I have no doubt the next ten years will be even more successful.”

Clarion’s banking team led by Marie Pugh advised Reward Capital on the record deal.

Close