Simply Asset Finance hits £150m milestone in Scotland as it opens new Glasgow office
Simply Asset Finance has announced a major milestone in Scotland, having now delivered £150m of funding to SMEs in the region since first opening its Scottish office in 2022.
Simply has observed strong momentum in Scotland supporting over 900 Scottish businesses to date across key sectors including construction, transport and manufacturing. In 2024 alone origination volumes in Scotland grew to £27m as the business funded 529 assets for over 230 customers.
This growth in Scotland has, in part, been enabled by government investment in major infrastructure projects – such as the A9 Dualling, large construction projects, along with ongoing power grid upgrades across the country and oil & gas decommissioning – helping to create opportunities for SMEs and driving demand for flexible finance.
Growth has also been driven by landmark deals, such as Simply’s support for the management buyout of AB2000 – one of Scotland’s largest and best-known plant hire specialists. Founded in 1995, the Glasgow-based business was acquired by Quattro Group in 2018 and renamed AB2K but recently returned to Scottish ownership through a deal backed by Simply.
The transaction included a multimillion pound asset refinance by Simply alongside an ABL transaction and helped long-standing employees Stuart Gardner and Mark Kirkwood take ownership of the company as they look to restore its iconic AB2000 brand.
As a result of Simply’s continued success in Scotland, the team has now expanded to ten people and moved to its new office in Glasgow city centre. The new base at Kirkstane House, a landmark site in the city’s financial district, places Simply at the heart of Scotland’s business community among a diverse mix of financial services providers.
With representation across the country, the team takes a local, on-the-ground expert approach to lending, with the business continuing to invest in recruiting and developing new local talent; reinforcing its long-term commitment to both clients and the regional economy.
William Devine, head of Scotland at Simply Asset Finance, said: “Reaching £150m in lending volumes is a proud achievement for us. It underlines our commitment to supporting the local businesses driving the Scottish economy forward, and to Simply being the funding partner that helps them achieve their growth ambitions.
“The opening of our new Glasgow office is a statement of our intent – we’re embedding ourselves in the financial heart of the city, in a building that once represented the finance old guard, and now represents a new chapter in how we can support Scottish SMEs. Looking ahead, we’re looking to double lending volumes to £300m within the next two years, while continuing to back great businesses like AB2000 and the entrepreneurs who make Scotland thrive.”
Mike Randall, CEO at Simply Asset Finance, said: “Scotland is a hugely important market for Simply, and the achievements of our team here speak volumes about the opportunities that exist for SMEs when they have the right support. From landmark funding deals to our investment in talent and presence, we’re committed to helping Scottish businesses unlock growth and realise their potential.”