Reward Finance Group, the Leeds and Manchester alternative finance provider, has posted record year-end figures for the eighth consecutive year, as it continues to expand its presence across the North of England.
In the year ending February 2019, income grew 39% to £12.2m with the loan book increasing by 21% to £64.3m.
During the 12 months, the Group completed 142 new deals, as well as providing further advances to existing clients, with an average loan value of £300,000.
The headcount also doubled across both offices with 27 people now working within the group.
The record figures were fuelled by the impressive growth of its Manchester office which has recently relocated into much larger offices in the city centre’s Lexicon Building.
Speaking about the results, Nick Smith, Reward Finance Group’s managing director in the North West and group sales and marketing director, said,
“SMEs require fast access to additional working capital to take advantage of business opportunities or to solve cash flow issues. However, there are still too many lenders who make it difficult, and at times impossible, for them to access the funds they need, which has led to the dramatic growth of alternative funders, such as Reward Finance Group.
“Lenders need to continue to adapt to clients’ needs by creating funding products that suit the changing market. For example, our Business Finance product has become extremely popular with SMEs, as it can be used like a traditional overdraft. This enables companies to have a facility for as much as £3m for up to 24 months, with interest only being paid on the amount of money they draw down.”
Joint managing director, David Jones, added,
“Although we have always had a strong presence in Yorkshire, our flexible approach and speedy decision making has been particularly well received in the North West in recent times, leading to the rapid expansion of the Manchester office.
“With a willingness to provide flexible funding solutions to meet a client’s needs, an ongoing recruitment drive for experienced personnel and a strong marketing campaign, we aim to continue the record-breaking run.”