UK’s ThinCats is reporting that lending is up more than 30% in 2023 to record levels.
In total, ThinCats has now lent “more than £1.7bn to businesses across the UK while assets under management stand at £790 million.”
Despite a challenging economic environment, ThinCats has continued “to invest in committing resources to the SME market, allowing us to deliver nearly £400m worth of funding to UK mid-sized businesses.”
Amany Attia, CEO at ThinCats said:
“2023 was a tough year for many businesses with industry data showing a significant fall in overall transaction activity and value of funding. However, ThinCats has still been able to achieve growth of more than 30% in a softening market, highlighting the increasing relevance of our funding proposition to existing and prospective borrowers and to their advisers. Throughout 2023 we continued to invest in our people, deepening our regional footprint and in relevant technology to support many great businesses keen to take advantage of growth opportunities, either organically or through acquisition.”
She added:
“Looking ahead into 2024, we expect overall market sentiment and appetite for new funding to remain relatively subdued reflecting weak UK GDP growth forecasts, although we expect confidence to gradually pick up now that interest rates seem to have peaked. Feedback from advisers suggests that the impending general election may also act as a catalyst for some business owners to consider funding to support their succession plans.”
As covered last year, ThinCats are pleased to announce the appointment of Dan Hartley as Chief Financial Officer.
ThinCats notes in a blog post that Dan has over “a decade of experience in senior financial roles and joins from the Lowell Group, one of the largest credit management companies in Europe, where he was most recently Chief Investment Officer.”
Prior to joining the Lowell Group, Dan worked “for FTSE-listed company, Arrow Global Group Plc, a leading European credit management service provider where he was Group Treasurer.”
His experience reportedly “covers financial control, budget management, treasury, tax, investor relations and reporting, and risk and investment management.”
The announcement follows recent senior hires “across ThinCats’ business development and transaction management teams as ThinCats responds to continuing strong demand for funding from mid-sized UK businesses.”