The team at ThinCats are pleased to announce that they provided £302 million of funding to businesses in 2022.
In total, ThinCats has “lent more than £1.3bn to businesses across the UK while assets under management stand at a record £675m.”
Despite a challenging economic backdrop, the team is pleased that ThinCats “delivered £302m of funding to businesses in 2022, which is just shy of last year’s £318m record.
During the year ThinCats continued “to invest across all areas of the business to enable us to deliver much higher levels of funding over the next few years as we aim to grow our loan book to more than £2 billion.”
Businesses showed their resilience and capacity “to make the most of new opportunities during the pandemic and they are doing the same with the current set of economic challenges.”
Contrary to what current media headlines may suggest, many mid-sized businesses “continue to perform well, even in challenging sectors such as leisure and hospitality.”
From their perspective, “demand for funding to support both M&A and organic growth remains strong which is shown in our pipeline for Q1 2023 being at record levels.”
They continue to work closely “with the business finance community in developing new funding solutions for their clients.”
For 2023 they plan to announce new initiatives “to support mid-sized technology and healthcare businesses and to enable funding to provide more loans above £10m.”
Economic uncertainty “means that high street banks may become less keen to lend pushing more businesses towards debt advisory firms for help in securing funding.”
As one of the alternative lenders most recommended by advisers ThinCats look forward “to supporting even more businesses during 2023.”
ThinCats, which claims to be the “leading” alternative finance provider to SMEs, announced last year the appointment of Richard Newman, Senior Director, Transaction Management to manage its Midlands transaction team.
Richard reportedly has over 20 years of corporate finance experience occupying senior roles at HSBC, RBS and KBC Peel Hunt.
Richard is a qualified chartered accountant with professional expertise in a range of transactions from funding requirements to large, syndicated deals. Richard will now be reporting directly to Peter Talbot, who is currently the Head of Transaction Management at ThinCats.
This announcement followed other ThinCats appointments in the West Midlands such as Neil Taylor as Director, Transaction Management in June and Tom Horton as Director, Business Development in May of this year.