British Business Bank doubles Simply Asset finance’s facility

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.

• 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

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{aec5d83e1395d53efd64ecf053f8b6e6a27dd75d47ec3f01fb6ab033ae673334} 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.”