Alternative lender ThinCats appoints Keith Morgan as new Chair
ThinCats, an alternative finance provider to mid-sized SMEs, today announces the appointment of Keith Morgan CBE as its new Chair. He joins the board today.
Morgan brings a wealth of experience to the SME and alternative finance market having served as the founding Chief Executive of the British Business Bank, the UK Government’s economic development bank for business. Appointed on its creation in 2013, Morgan developed the Bank to become a major funder of UK businesses, helping deliver over £60 billion of support to SMEs through more than one million loans and guarantees before stepping down in 2020.
Morgan is currently a Non-Executive Director at UK Asset Resolution Ltd, the organisation responsible for managing the remaining liabilities originating from the Government’s former ownership of Northern Rock and Bradford & Bingley. Previously he was a senior executive at Banco Santander’s UK and US businesses and a partner at management consultancy, LEK Consulting. In 2020, he was awarded a CBE for his services to small business finance.
ThinCats is one of the UK’s non-bank lenders specialising in providing loans to mid-sized businesses. To date, ThinCats has provided more than £1.2 billion of funding to companies across the UK with loans ranging from £1m – £15m. In 2021, ThinCats announced a significant strategic investment of £160m from Wafra Capital Partners (WCP). The investment from WCP, alongside senior bank and institutional funding, enables ThinCats to lend a further £2 billion over the next few years.
Morgan will succeed Quentin Baer who has been Chair since 2016 and who will remain as a Non-Executive Director.
Keith Morgan, Chairman, ThinCats: “As a leading alternative lender to mid-sized SMEs, ThinCats has an important role to play in providing much needed funding to businesses that are putting in place new growth plans following the pandemic. I am delighted to be taking on the role of Chair at this time, as ThinCats expands its operations and deploys its increased funding base to lend a further £2 billion to scale-up businesses over the next few years.”
Amany Attia, CEO, ThinCats: “We are excited to welcome Keith to ThinCats. He brings enormous talent and experience to the business. It is a critical time to be supporting mid-sized SMEs who are vital to employment creation and the long-term prospects of the UK economy. Many businesses are keen to make the most of growth opportunities, either organically or through acquisition, as pandemic restrictions have eased. We are seeing growing demand for our services as corporate debt advisers increasingly recommend alternative lenders to their clients. Keith’s experience will be invaluable in guiding us through the next phase of our growth. I would like to thank Quentin for his advice and encouragement as Chair and am pleased that ThinCats will continue to benefit from his support as a member of the board.”