White Oak UK, one of the UK’s largest alternative providers of SME finance, today announces the acquisition of Growcap Finance (“Growcap”), a Dublin-based business providing working capital and trade finance solutions to the SME market in both the UK and Ireland.
In response to client demand, this acquisition will provide White Oak UK’s 13,000+ clients across the UK and Ireland with access to an enhanced product range of purchase funding solutions and offer increased financing options to those trading outside of the UK. In fact, a recent survey of White Oak UK customers found that more than 1 in 5 respondents cited Trade Finance as a business offering they would like for White Oak UK to provide. The acquisition will also offer the business a platform with which to develop a significant presence in Ireland. The current management team will also remain with the business.
“We are delighted to announce our acquisition of Growcap, as we believe this is an important step in our continued growth strategy. We have been exploring ways to enter the Irish market for some time and the acquisition of Growcap provides us with an ideal opportunity to meet the needs of clients in a market that is typically underserved by traditional banks,” said Peter Alderson, Managing Director at White Oak UK. “Since 2011, 129 bank branches have closed in the Republic of Ireland, therefore there is a need to address this gap in business lending via alternative types of funding. As we make our first steps into the European market, the team at Growcap will bring new products to our portfolio as well as experience in new territories that we firmly believe will complement our business and our existing client base.”
Andy Beck, CEO at Growcap Finance, said, “As one of the leading alternative providers of finance in the UK, White Oak UK is the perfect fit for Growcap as we look to expand our footprint and enhance our ability to deliver working capital solutions to our clients. The combination of the two businesses presents a compelling opportunity for future success, as we continue on our shared goal of providing businesses access to the finance they need.”
This announcement follows a series of growth initiatives across White Oak UK, having announced the opening of its new Glasgow office in January this year, a move which represents a significant milestone for the business as it continues to help businesses thrive while providing the highest levels of service and solutions. White Oak UK’s growing geographic footprint and product offering reflects its commitment to financing businesses across the UK with key offices in Wales, England and Scotland.