Aldermore renews £40m block discounting facility for Simply

Aldermore has agreed the renewal of a £40m block discounting facility with Simply. The facility, believed to be one of the largest of its kind, will allow Simply to provide additional funding to small and medium-sized businesses across the country looking to realise their growth potential.

Set up in 2017, Simply now employs over 100 people and has funded more than 4,000 customers. Backed by the investor Cabot Square Capital, it helps businesses across a variety of sectors – manufacturing, construction, transport and waste – to purchase equipment, free up working capital and invest in growth.

Mike Randall, CEO of Simply, says: “We are delighted to be working with the team at Aldermore and this will enable us to further support businesses that are vital to the UK’s prosperity. Aldermore have been with us since we formed Simply in 2017 and support such as this has really made a difference to many SMEs across the country. We look forward to continuing to work together.”

Lee Rhodes, commercial director for asset finance at Aldermore, said: “We value our long-standing relationships and are proud to be supporting our customers in their growth aspirations. It’s great to be backing Simply with this facility and continuing our strong relationship with them. This deal illustrates how we’re supporting Britain’s businesses indirectly through our wholesale channel, alongside our position as a leader in the broker channel.”