Scottish Pacific enters the UK market
Scottish Pacific Business Finance, Australasia’s largest provider of supply chain finance solutions, has launched a new division in London to help UK SMEs fund their overseas purchases.
Scottish Pacific Tradeline will operate as a subsidiary to Scottish Pacific, which has been providing working capital solutions to SMEs since 1988. The Australian-headquartered company has a turnover of almost $AU6bn (c.£3bn) and more than 1,000 clients, supported by offices in Australia, New Zealand, China and now the UK.
The firm’s expansion into the UK market is the first stage in globalising its trade offering. The initial focus will be on British companies that are sourcing products from overseas and it has funding lines exceeding $AU500m available to lend to SMEs.
The business has appointed Ed Bracey as executive director to lead its UK operation. Bracey has been involved in the trade finance industry since 1986, with senior executive roles at Kellock Ltd (owned by the Bank of Scotland), HSBC, Anglo Irish Bank and Coface UK. He has assisted hundreds of businesses, from start-ups to multi-nationals, to grow using trade and invoice financing.
The team is forecast to grow rapidly on a global scale and has already established a presence in China, offering finance solutions to firms operating within Asia’s manufacturing hubs. Alongside Bracey, there will be two staff working in London, supported by three in China and a full operations centre in Australia.
Peter Langham, CEO at Scottish Pacific, said: “I am delighted we are able to assist UK importers to effectively and efficiently fund their overseas purchases. In Ed Bracey we have a veteran of trade finance, who is able to walk through transactions with importers to help them achieve their aspirations.
“Through our China office we have established relationships with a number of Chinese manufacturers who have been able to upscale their businesses using the Tradeline product. The UK market is three times the size of Australia, and with our operation in London, we are in a strong position to capitalise on the demand from growing businesses looking to fund their overseas purchases.”
Ed added: “I’ve worked in large UK banks and the daily streams of red tape can be very restricting. Ultimately, this is frustrating for our clients as it is holding their businesses back from reaching their full potential.
“Scottish Pacific Tradeline puts the focus back on our clients by offering a no-nonsense facility in a short time frame. To me this is refreshing and I’m looking forward to offering this service to UK clients, and expanding the business.”
Scottish Pacific Tradeline provides businesses with purchasing power to help them land stock and increase sales. It offers a smarter funding solution, with importers benefiting from a quick approval process and flexible terms.
Terms are less restrictive than other trade arrangements, without the need to provide the home as security.
Ed added: “Scottish Pacific Tradeline will be able to offer lower limits and other facilities, with credit decisions made within five working days without the need for confirmed orders.”