British Business Bank doubles Simply Asset Finance’s facility

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British Business Bank doubles Simply Asset Finance’s facility

  • Second tranche of financing will enable an additional £60m of lending to small and medium-sized firms in the UK
  • Simply Asset Finance’s total facility will provide more than £120m of additional funding to businesses

Simply Asset Finance today announces the agreement of a second tranche of its asset finance facility from the British Business Bank, that will enable the asset finance provider to significantly expand its lending to small and medium-sized businesses across the UK. Together, the two rounds of financing will provide more than £120m of funding.

In the 17 months since it was established, Simply Asset Finance has grown significantly and has further plans for sizeable growth over the next six months. It now employs more than 50 people and its customers come from a variety of sectors – including manufacturing, construction, transport and recycling.  Simply has facilitated more than 1,000 finance agreements – to the tune of around £100m – in the last year, all to UK SMEs, the all-important engine room of the country’s economy.

Mike Randall, CEO of Simply Asset Finance, said: “This second – and very significant – tranche of investment from the British Business Bank comes at an exciting time for us.  The market opportunity is considerable and we’re growing rapidly – yet steadily – to be able to take advantage of that.  Essentially, we’re normal people doing business with normal people, but supported by up to date technology – and that is a main component in setting us apart from our competitors. For us, it’s all about the customer experience, their journey and the speed of our decision-making, all supported by agile, up to date tools. We believe that Simply Asset Finance is a game changer in the asset finance industry.”

Keith Morgan, CEO of the British Business Bank, said: “As the UK government’s economic development bank, the British Business Bank increases both the supply and diversity of finance available to growing businesses. Our 2018 Small Business Finance Markets report highlights the increasing importance of asset finance to smaller businesses, with the value of such finance increasing by 12% from 2016 to 2017. This additional funding through Simply Asset Finance will enable more businesses to source the new or replacement equipment they need to expand and fulfil their growth potential.”

Richard McDougall, Partner at Cabot Square Capital, concluded: “The distance that Mike and his team have travelled in the last year– from setting up the business from scratch to building a growing and successful business – is very impressive, and we are delighted to be their partners on this journey.  Simply has received a very positive response from the industry and from customers alike, and the firm is developing into one of the most respected asset finance lenders in the market.”

 

For more information contact:

Simply Asset Finance

Chantal Heckford / Imran Hawkins, Lansons

chantalh@lansons.com / imranh@lansons.com

07801 748683 / 0207 490 8828

Notes to editors:

About Simply Asset Finance

Simply Asset Finance (SAF) is a new asset finance business established in April 2017.  Simply Asset Finance has now originated more than £100m of new business to UK SMEs. Simply Asset Finance is majority owned by a Cabot Square Capital fund.

About Cabot Square Capital

Founded in 1996, Cabot Square Capital LLP is a leading provider of investment capital for small and mid-sized companies in the UK and Western Europe, with a particular focus on financial services, speciality lending and operating property businesses. It is a hands-on partner able to provide companies with capital for growth and acquisitions, assist management teams to build operations and infrastructure, develop intellectual property and enable strategic, long-term planning. Cabot is currently investing its fifth fund.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank is currently supporting almost £5.2bn of finance to nearly 75,000 smaller businesses (as at end of March 2018).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

  • The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb.
  • The new British Business Bank Information Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.

As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

Contact

2-6 Boundary Row, London, SE1 8HP

Tel: 0203 369 6000

info@simply.finance


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