Secure Trust Bank Commercial Finance has lent a total of £25m to businesses across London and the South East, as the firm looks to expand its operations in the region. With Southern-based companies accounting for a third of all businesses in the UK, the lender is looking to open a new London office in 2019. This new base will give the firm further opportunities to engage with the business community right across all Southern parts of the UK, offering both structuring and ongoing client management support.
Secure Trust Bank already has strong links to the South East, with the firm recently providing a £2.15m funding package to NJ Russel Holdings Group to support the acquisition of Prima Electronics, a Cambridgeshire-based contract electronic manufacturer. The investment consisted of invoice discounting, stock and plant and machinery lines and has been used to boost cash flow, as well as fund the initial acquisition.
In a further South-East based deal, Secure Trust Bank provided a £10m facility to Carphone Warehouse founder David Ross to support a rescue bid for high-street fashion retailer, Jigsaw.
These deals build on the firm's national interim results, which show that lending balances had doubled over the course of 12 months to £187.5m. This growth has been supplemented by the opening of offices in Yorkshire and the Midlands last year.
Secure Trust Bank provides a full suite of flexible asset-based lending and invoice finance products to small and medium sized enterprises. The firm operates nationwide with dedicated regional sales directors on the ground in each of the UK regions.
Tony Young, Regional Sales Director at Secure Trust Bank Commercial Finance, said: "There are a vast number of businesses located in the South of the UK, and despite the uncertainty surrounding the UK's economy, there is still huge appetite for alternative finance in the region. Businesses are continuing to trade well, but having access to funding remains to be one of the most significant barriers to growth.
"With this in mind, we are looking to invest more capital into the region this year, and given that we've been particularly active in the South over the twelve months, it feels only natural to establish a permanent presence in the region in 2019. London and the South East is brimming with exciting opportunities, and we are looking forward to working in this thriving area of the UK."