Secure Trust Bank Commercial Finance reports double digit growth in interim results
The commercial finance arm of FTSE listed Secure Trust Bank has continued to grow in the first half of its financial year, with lending balances increasing by 13.4%.
The firm has now provided £220.7m worth of funding to UK businesses up to 30 June 2019, an increase of £33.2m in comparison to the same time last year.
Secure Trust Bank offers a full suite of asset-based lending solutions to support business growth, ranging in value from £1m to £50m. The Manchester-headquartered firm provides funding for a range of situations, including management buyouts and buy-ins, restructurings and turnarounds as well as service-led refinances.
Over the last year, the business has benefited from a larger national footprint, having opened new offices in Leeds and Birmingham in 2018, and a further London office in May this year. The commercial finance team recently announced it had funded over £3bn of client invoices, making it one of the largest independent operators in the invoice finance market.
Notable transactions in the six months to 30 June 2019 include a £14.75m finance facility to Formaplex, to support the moulding tool company’s investment in new machinery as it looks to expand its product range. Secure Trust Bank Commercial Finance also provided a £5m invoice finance facility to BCW Manufacturing Group, as the manufacturer looks to expand its factory space and production line.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “Our commercial finance business has continued to perform strongly, with consecutive year-on-year growth since our inception five years ago. The business lending market is currently a challenging space due to political uncertainties, but we have remained committed to supporting UK businesses and provided funding that will boost growth and benefit the economy.
“Having expanded our geographical reach, we have been able to support more customers than ever before, which has helped us firmly establish ourselves as a leader in the asset based lending market. We are confident that we will continue this exceptional growth into the second half of the year and beyond.”