Secure Trust Bank reaches £2bn in ABL

Secure Trust Bank (STB)’s asset-based lending book reached £2bn (€2.2bn) as of May, doubling its size over the last 12 months, the bank has said.

It added as part of ongoing regional expansion, it was going to open an office in Leeds, under regional managing director John Gribbon.

The move follows on from the opening of a Birmingham office under regional managing director David Parsons, and the appointment of former Bibby staffer Matt Alis as sales director for the south-east.

Recent ABL deals highlighted by STB included a £15m facility to fashion retailer Jigsaw and a £35m facility to Meridian Metal Trading.

John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “We have firmly established ourselves as one of the leading providers of alternative finance in the UK market, and the team at Secure Trust Bank Commercial Finance has been pivotal to this exceptional performance.

“Our flexible approach to lending combined with knowledgeable deal leaders who understand the complexities and challenges businesses face is what sets us apart from other lenders.”

Last week, STB reported “strong growth” for the first four months of 2018, adding it had prioritised business in invoice, motor, consumer and real estate finance.

It said: “The current economic outlook remains uncertain. Therefore the bank will continue to adopt a cautious stance in respect of its credit risk appetite.

“The board continues to see potential to grow the bank’s lending portfolio in line with its ambition and has a clear growth strategy and a pipeline of organic and external new business opportunities.”