Redwood boss says he wants an office in Yorkshire

Britain's newest bank Redwood Bank, has officially completed its mobilisation phase and is now open for business, with its boss identifying Yorkshire SMEs as a key target.
L-R Gary Wilkinson and Jonathan RowlandL-R Gary Wilkinson and Jonathan Rowland
L-R Gary Wilkinson and Jonathan Rowland

Redwood secured its banking licence just over four months ago and is now offering secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It has also launched a business deposit account.

It is the first business bank with 100 per cent cloud-based infrastructure, which iit said mproves efficiency as well as security.

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Gary Wilkinson, co-founder and chief executive of Redwood Bank, told The Yorkshire Post he hoped the bank would open an office in Yorkshire in due course.

He said: “Yorkshire is an important region for Redwood Bank. Our Warrington & North West office has been launched to support small and medium-sized businesses in the north of the country, underserved by traditional banks for so long.

“This office will initially cover and service the Yorkshire region, however we do intend to set-up a separate office in Yorkshire in due course.”

The bank wholly-owned by Redwood Financial Partners Ltd, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a 33 per cent stake. As part of this, the council’s executive board has approved an investment of £30m in Redwood as part of the bank’s capital funding.

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