Secure Trust Bank Commercial Finance supports businesses as lending balances reach £376.4m

The majority of the increase was driven by new business, as the firm delivered £157.3 million in new facilities, up 63.6 per cent on the previous year (2021: £93.7 million).

John Gribbon, regional managing director for the North 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 that we work with.”

Facilities provided by the bank’s Commercial Finance arm include a combined £12 million facility to UK hobby and toy specialist Hornby Hobbies Ltd, made up from a £6 million accounts facility and £6 million inventory facility.

The bank also enabled the UK’s largest woollen yarn spinner, Lawton Yarns – based in Ravensthorpe, West Yorkshire – to return to private ownership with the delivery of a £13.4 million total facility.

In partnership with Blazehill Capital, the bank delivered a £43 million package for Northamptonshire pet food brand, Butcher’s Pet Care, consisting of a £25 million revolving credit facility and an £18 million 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 £3 million to £50 million, for both SMEs and larger businesses.

Discussing how the bank had helped companies navigate recent issues, Mr Gribbon added: “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.”

The bank recently announced that its chairman, Lord Forsythe, would step down at the firm’s 2024 annual general meeting.

By that time, Lord Forsythe will have held a board position for ten years.

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, aiming to provide flexible asset-based lending solutions tailored to each business.

Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and has around 800 employees. The Group's diversified lending portfolio currently focuses on two sectors: business finance through its Real Estate Finance and Commercial Finance divisions, and consumer finance through its Vehicle Finance and Retail Finance divisions.