Lending balances rise 20.1% to £376.4m in 2022, reveals Secure Trust Bank
The Commercial Finance arm of the listed specialist bank Secure Trust Bank PLC has seen lending balances rise to £376.4m in 2022, up 20.1% from 2021 (£313.3m).
Revenues at the firm have also seen a considerable 68.4% increase, rising to £29.3m in the calendar year (2021: £17.4m). The majority of the increase was driven by new business, as the firm delivered £157.3m in new facilities, up 63.6% on the previous year (2021: £93.7m).
Facilities provided by the bank’s Commercial Finance arm include a combined £12m facility to Kent-based hobby and toy specialist Hornby Hobbies Ltd, made up from a six million pound accounts facility and a six million pound inventory facility.
In partnership with Blazehill Capital, the bank also delivered a £43m package for Northamptonshire pet food brand, Butcher’s Pet Care, consisting of a £25m revolving credit facility and an £18m non-amortising bullet repayment term loan.
The Commercial Finance division of the FTSE-listed bank provides a full suite of flexible asset-based lending and invoice finance products, ranging in size from three million pounds to £50m, for both SMEs and larger businesses.
Originally established in 2014, the lender operates across the country with offices in Leeds, Birmingham, London and Manchester. Using its network of regional offices, the team at Secure Trust Bank Commercial Finance works closely with management teams and investors to provide flexible asset-based lending solutions tailored to each business.
Richard Foote, Regional Managing Director for the South East at Secure Trust Bank Commercial Finance, said: “It’s a pleasure to share our latest results that showcase positive growth in new business, lending balances, revenue and clients.
“We are especially proud of our low client attrition rates, reflective of our ability to provide tailored funding solutions that genuinely aid the management teams we work with.
“In what has been another challenging year for SMEs across the UK due to a decline in economic activity, rising inflation and cost pressures, our focus remains on building relationships that allow us to thoroughly understand the opportunities and challenges ahead of each business, and react accordingly.”