Manchester-based bank hits £1bn lending milestone

Secure Trust Bank Commercial Finance has funded over £1bn of client invoices following a year of rapid growth for the business.

In total, the business has sanctioned facilities worth more than £155m, as well as current advances of £80m worth of funds to clients, placing it in the top 10 independent providers of asset-based lending (ABL) facilities in the UK.

The bank has grown rapidly since being established in late 2014, with its latest financial results seeing lending balances more than double in the year to March 2017.

Key transactions include the £4m asset-based lending facility to London headquartered Trueform Engineering and the £1.75m funding line to Preston-based Independent Inspections Group, alongside investment from growth investor RCapital.

Most recently, the company provided a £2m invoice finance facility to Bristol-based Stage Electrics Partnerships, one of Europe’s leading providers of stage lighting and sound equipment, which has worked on shows including The Great British Bake Off.

Secure Trust Bank has also worked with a number of companies that have experienced positive growth as a result of securing asset-based lending.

St Helens-based Foodpack saw revenues rise nearly £2m to £13m following its seven figure funding facility, while Great British Card Company, headquartered in Gloucester, saw turnover grow by £1m.

John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “To hit this milestone after just two and a half years is a remarkable accomplishment for the team and firmly cements our position among other lenders in the UK market.

“Our flexible approach has been central to this growth.

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“Taking the time to understand the challenges that our clients may face has differentiated us in the market, allowing the business to consistently punch above its weight with the larger lenders.

“We have already seen our funding deliver strong results for businesses across the UK, and we look forward to continuing to work with more ambitious management teams to help them achieve their growth objectives.”

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