Lender hits £100m milestone in the Midlands
Secure Trust Bank Commercial Finance has achieved a significant milestone of over £100m of funding advanced across the Midlands in the 18 months since opening its regional office in Birmingham.
The Midlands team has enjoyed rapid growth since regional managing director David Parsons opened the office in 2018 with support from head of portfolio Mike Piggott.
A number of significant deals have been completed in the region including a £13.5m facility for Go Plant Fleet Services, a provider of specialist commercial vehicle hire and fleet management services. Since August 2018, the company has used the funding to expand its national footprint as well as investing in IT infrastructure.
More recently, the Midlands team provided a £12m facility to Coventry-based Expert Tooling which manufactures special purpose machinery and robotic automation products for the automotive and aerospace industry. The facility was used to increase its working capital by funding the company’s receivables and its work in progress.
In the last two months, Matt Broomfield and Debbie Partridge have joined the Midlands office as regional sales directors, putting the firm in good stead for further growth in the new year.
Secure Trust Bank Commercial Finance provides a full suite of flexible asset-based lending and invoice finance products to small and medium sized businesses which range in size from £1m to £50m. In its latest interim results, Secure Trust Bank Commercial Finance announced it had provided £220.7m worth of funding to UK businesses up to 30 June 2019 – an increase of £33.2m in comparison to the same period last year.
David Parsons, Midlands regional managing director, said: “We are all very proud of this incredible milestone that has been achieved in under two years. The Midlands’ professional community has been incredibly welcoming, and we have thoroughly enjoyed working with likeminded businesspeople across the region.
“This milestone highlights that the regions’ businesses are thriving, with a growing number of SMEs seeking finance in order to grow and in doing so, aiding the local and national economy. As we expand our team, with the addition of Matt and Debbie, we look forward to supporting the professional market even further and helping more businesses achieve success across the Midlands.”