Secure Trust Bank division helps to fund more than £1bn in customer invoices

THE COMMERCIAL finance arm of listed Secure Trust Bank has doubled its lending balances over the last 12 months, funding in excess of £1bn in customer invoices.

The firm, which is set to open a Leeds base, said lending balances rose to £187.5m in the year to June 30, up on the £94.2m seen the previous year.

The group provides funding for a range of situations, including management buyouts and buy-ins, restructurings and turnarounds and service-led refinances.

In May, the company announced that it had funded more than £2bn worth of client invoices since inception in September 2014, which placed the company firmly in the top 10 independent providers of alternative finance in the UK.

This growth has enabled the firm to focus on expansion across the UK regions. Headquartered in Manchester, alongside the existing London site, the firm opened a Birmingham office in June to satisfy growing demand from SMEs, with a further base in Leeds set to open later this year.

The firm already has a team of relationship directors on the ground in each of the UK regions.

Since the start of 2018, Secure Trust Bank has worked on transactions across a broad range of sectors.

This includes providing a £15m funding line to high street fashion chain Jigsaw, as well as a £35m facility to steel stockists Meridian Metals.

John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “Alternative finance continues to represent an extremely attractive proposition for SMEs looking to unlock growth across the country, many of whom require a flexible and tailored proposition when it comes to funding.

“To accelerate growth over the last 12 months is extremely pleasing, as we continue to solidify our reputation as one of the top 10 providers of asset based lending in the UK.”