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The commercial finance arm of the listed specialist bank Secure Trust Bank has seen lending balances rise to £376.4m in 2022, up 20.1 per cent from 2021 (£313.3m).
Revenues at the Solihull firm have also seen a considerable 68.4 per cent 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 per cent on the previous year (2021: £93.7m).
Facilities provided by the bank’s Commercial Finance arm include the support of a multi-million asset-based lending facility to Staffordshire-headquartered International Decorative Surfaces (IDS), the UK’s largest distributor of decorative services, as it completed a management buyout in partnership with private equity investor Chiltern Capital.
Secure Trust Bank Commercial Finance also provided a combined £12m facility to UK hobby and toy specialist Hornby Hobbies, made up from a £6m accounts facility and £6m inventory facility. It also enabled the UK’s largest woollen yarn spinner, Lawton Yarns, to return to private ownership with the delivery of a £13.4m total facility.
In partnership with Blazehill Capital, the bank 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.
David Parsons, regional managing director for Midlands 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.”
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