Tuscan rebrands to Allica Bank as it expands team and offering
Following its acquisition by Allica in August last year, bridging lender Tuscan Capital has today announced it has been fully integrated into the Allica Bank brand.
The acquisition represented Allica’s first entry into the bridging market, with it aiming to become a break-out bridging lender by combining Tuscan’s specialist bridging expertise with its own extensive funding base and distribution network
With the rebrand having now taken place, Tuscan’s name, logo and website have all switched to Allica Bank branding – including Allica’s iconic orange bowler hat – and its team have all officially become part of Allica.
Alongside the rebrand, Allica has announced a range of pricing and service improvements for its bridging proposition – an early signal of how it plans to use its resources to build its proposition. This includes reducing its pricing for residential bridging, further improving its FastTrack application process, and doubling-down on its commercial bridging proposition.
To meet a growth in demand, Allica’s newly-rebranded bridging business development, underwriting and client services teams have also been expanded across the UK. Among others, Scott McClymont joins from Signature Finance as business development manager for Scotland, Andy Reeder has been promoted to the role of business development manager for the Home Counties, while John Craig has been promoted to take charge of the client services department.
The news comes off the back of a year of significant growth for Allica, which in December revealed it had lent over £3bn to established SMEs since it launched, and was named as the fastest-growing company in the UK in The Sunday Times 100 list.
Colin Sanders, who founded Tuscan Capital, said, “I am really pleased with how the integration of Tuscan into Allica has gone so far. The joint vision that I and the Allica team had to truly shake up the bridging market by building a bridging lender with extensive lending expertise, the ability to move fast, and provide certainty in funding is already bearing fruit.
“This rebrand is a major final step in the integration of Tuscan into Allica, but we’re still only at the beginning of what Allica’s bridging proposition will be. The new hires we’ve brought into the team and proposition enhancements are great proof of this. My former Tuscan colleagues and I are excited to be a part of it.”
Justin Trowse, head of bridging at Allica Bank, commented, “The initial months working with the team have been incredibly productive and we’re delighted that they are now officially part of the Allica family.
Justin added: “Allica’s ambition is to build a £500 million bridging loan book by 2027, a goal that relies on meeting genuine market needs. With our strengthened internal expertise, the knowledge gained from years in the market, and the constructive feedback we continue to receive from our outstanding broker community, we are well-positioned to achieve this ambitious target.”
