Commercial lending balances more than triple at Secure Trust Bank
Lending balances at Secure Trust Bank Commercial Finance have more than tripled in the first six months of 2016 as the bank reports record levels of profit in its latest interim results.
The commercial finance arm agreed £54.5m worth of lending to SMEs in the year to 30 June 2016 – up from £15.7m over the same period in 2015.
Secure Trust Bank, which is listed on AIM, launched its business lending division in September 2014. It was set up to provide a range of asset-based lending solutions with funding spanning from £500k to £30m. The company has worked on a range of situations including service-led refinances, funding to support growth, private equity and venture capital-backed acquisitions, restructurings and turnarounds, and management buyouts and buy-ins.
The firm has provided funding to 28 companies in the first half of the year in a range of industry sectors. Secure Trust Bank continues to structure deals with the benefit of a full range of asset-based lending products and prides itself on direct access to decision makers. It also has a reputation for delivery, exceptional service, flexibility, and a genuine understanding of the business by offering tailored solutions to its clients.
Key deals over the period include providing a £1m package alongside SKG Capital to White Knight Laundry Services, a £700k invoice finance facility to Winsulate, a provider of asbestos and environmental compliance services, and a £5.85m multi-asset facility to Foodpack Limited (formerly Kapak Limited) alongside Seneca Partners.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said:
“Our latest results are testament to the team’s ability to identify new funding opportunities for SMEs across the UK. Our business is now well established in the UK market and we’ve developed an excellent reputation for structuring deals in a short timeframe that meet the complex requirements of our customers.
“Our relationships with accountants, brokers and private equity firms continue to grow and we now have the capacity to finance deals with a ticket size up to £30m. As the business continues to expand and our loan book increases, we’re in an excellent position to work with more SMEs across the country.”
For more information on the half year results, please visit the new commercial finance website and view the full investor presentation: https://www.securetrustbank.com/commercial-finance
Photo caption: John Bevan, managing director at Secure Trust Bank Commercial Finance