Lender invests £75m in first year in the Midlands
Secure Trust Bank, which is headquartered in Solihull, opened its Midlands commercial finance office, situated in the central Colmore Business District of Birmingham, in June. It was set up by David Parsons, regional managing director, with support from Alan Horton and Mike Piggott, to serve the clients of the debt advisory, restructuring, corporate finance and private equity professionals market in the Midlands more closely.
Notable transactions in the year include a £5m asset-based lending facility provided to Kennelpak, a retailer and distributor of high quality pet food and accessories based in Nottingham. The funding will be used to support the opening of 20 new stores over the next three years, as well as refurbishment and enhancement of existing stores.
The firm also facilitated a £13.5m funding line to Leicestershire-based Go Plant Fleet Services, a specialist commercial vehicle hire and fleet management services provider. The company intends to use the capital to expand its national footprint by investing in new depots and acquiring other fleet management businesses.
This performance builds on the firm’s national interim results, which show that lending balances had doubled over the course of 12 months to £187.5m. In addition to the Midlands office, this growth has also been supplemented by the opening of a Yorkshire site in August. The firm has plans to launch a London office in 2019, bringing the total to four offices nationwide.
David Parsons, regional managing director at Secure Trust Bank Commercial Finance, said: “With the ongoing economic uncertainty, we’ve seen appetite for supportive and imaginative funding solutions for SMEs in the Midlands. Our new Birmingham office has given us an opportunity to engage with the local business community, and we are now well placed to offer both new business structuring and ongoing client management support to SMEs across the region.
“Having a presence in key regions such as the Midlands and Yorkshire has made a real impact on our deal execution, so we’re keen to continue our national expansion with the new London office next year.”