REWARD Finance Group has delivered a record six month performance as the number of small and medium-sized enterprises accessing its funding continues to increase.
It has also relocated to St Paul’s Street, Leeds, following a £1m refurbishment by Reward’s landlord, and sister company, Moorgarth which has also moved into the new premises.
The company’s main backer is Tradehold, chaired by South African billionaire Christo Wiese, who has a number of other UK business interests including Virgin Active and Iceland.
Tradehold has announced its trading results for the six months to August 31, 2015. These confirm Reward’s interest and fee income for the period increased to £3.1m compared to £2.4m over the same period last year.
In a statement, Tradehold said: “Despite a number of new entrants in the short-term secured lending market, Reward Capital continued to see strong deal flow with no decline in the quality of potential loans. The effective withdrawal of bank overdrafts to SMEs means that such businesses will continue to need short-term funding.
“The increased turnover (of the group), primarily interest income, reflected the growth in the Reward loan book by 44% from £19.5m at the February 2015 financial year-end to £28.2m at the end of August .”
Dave Jones and Tom Flannery, the two partners that run Reward Finance Group, have plans for further expansion for the company in the Yorkshire, North East and North West markets in 2016.
Mr Jones said: “These are very pleasing half-year results. Reward Finance Group continues to be extremely active, and offers funding options to suit all customers’ cash flow requirements, enabling them to maximise opportunities that they may otherwise miss out on, often where speed of turnaround is critical.”
