ABL deal helps kick start Amicus Commercial Finance
Guildford-based Amicus Commercial Finance has secured an asset-based Lending (ABL) facility from Royal Bank of Scotland’s asset-based lending team to support the new start up’s entry into the SME finance market.
Amicus Finance Plc, a leading specialist lender has launched Amicus Commercial Finance to serve the small business and professional services communities. It will focus on providing relationship-based, cash flow solutions to owner-managed businesses with annual sales of between £0.5m and £5m.
The company is led by two highly experienced and proven market specialists, John Wilde and David Hogg. The duo built SME Invoice Finance Limited (SMEIF) from start-up in 2000 to a national firm employing 80 staff, serving a 600-strong customer base and generating annual revenues of £12m at the time of its sale to a challenger bank in July 2013.
Royal Bank of Scotland’s ABL team has structured an ABL facility to support the launch and growth of Amicus Commercial Finance. The availability of working capital is an issue faced by most UK businesses and ABL is a cost-effective and flexible alternative for companies to access working capital. It liberates the cash held within physical company assets, such as inventory, plant and machinery, and property, thereby giving fast access to substantial sums of working capital.
John Jenkins, CEO of Amicus Finance plc said:
“The launch of Amicus Commercial Finance underlines our strategy of broadening our proposition into other specialist lending markets. We are delighted that John and David will be leading this business. As two of the most experienced and successful leaders in this sector they have the skills, contacts and vision to build a business that will set a new benchmark in this sector.”
John Wilde, Amicus Commercial Finance said:
“In Amicus we have found the ideal partner with whom we can build a new proposition designed specifically around small businesses’ cash flow financing requirements. We believe that the market will welcome a fresh approach from a commercial finance provider that is able to combine the strengths of a relationship-driven service with technology-based processing power. The support from the Royal Bank of Scotland team has been essential in providing the required capital investment to kick start the business.”
Martin King, corporate business development director, Royal Bank of Scotland ABL said:
“We are delighted to be working with Amicus and supporting their extremely strong management team of John Wilde and David Hogg who are well known in the finance industry. This deal is a great example of how we can support finance companies with funding requirements and to assist the launch of Amicus Commercial Finance into the UK’s SME market place.”