Secure Trust Bank hits £60m milestone in North West
Secure Trust Bank Commercial Finance has provided more than £60m of facilities to the North West’s SME community, demonstrating the increased demand from businesses for alternative forms of funding.
Since launching in November 2014, Secure Trust Bank’s asset-based lending arm has worked with 35 of the North West region’s SMEs, providing £64m of limits.
This includes providing Preston-based Independent Inspections Group, the provider of assessment and restoration services, with a £1.75m funding line. The group, which houses three distinct brands with a turnover of more than £45m, used the funding to assist in a private equity transaction, as well as providing working capital to drive further growth.
Secure Trust Bank has also provided tailored facilities to Manchester-based asbestos and environmental compliance services provider Winsulate, as well as Ventilation Surveys and Services, headquartered in Liverpool.
Nationally, the funder has now advanced asset-based lending facilities in excess of £150m to SMEs, supporting both organic and acquisitive growth strategies. This includes working alongside private equity houses to complete management buyouts, as well as enabling businesses to expand their reach and production both in the UK and overseas.
Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said:
“Accessing funding is without a doubt one of the major barriers to SME’s achieving their growth ambitions, so it is extremely pleasing to be able to provide such a significant sum to support the region’s development.
“From its traditional manufacturing roots to its prospering technology future, the North West is home to some of the most innovative businesses. Building relationships has been crucial to our success, both with ambitious management teams and the wider business advisory community, and this will continue to be a key focus for us as we push towards the £100m mark in the region.”