Shawbrook Group has agreed to acquire alternative lender, ThinCats.
Shawbrook says the acquisition of ThinCats, which has a loan book of c.£0.7 billion, will accelerate its existing presence in the specialist SME lending market.
ThinCats proposition will complement Shawbrook’s technology infrastructure and platform. The brand also benefits from an established distribution network and strong origination capabilities, delivered by an experienced team with expertise in each of its target SME segments.
Neil Rudge, commercial chief banking officer at Shawbrook, said: “The UK is home to 5.5m SMEs with one in ten now generating annual revenues of over £1m. An increasing number of these businesses are driving the new economy, innovating and growing in technology, professional and creative industries and across healthcare and life sciences.
"These are established, well-managed businesses with a focus on growth and often in need of funding for key strategic milestones. The ThinCats team has built a great proposition that meets these needs, delivering the flexibility, speed and certainty that owners, management teams and sponsors value.
"Leveraging the significant funding and technology resources of the Shawbrook Group, both brands will continue to offer advisers and customers choice in the way their finance facilities are structured to meet their event-driven needs.”
Amany Attia, ThinCats CEO, added: “Becoming part of Shawbrook represents an exciting step for ThinCats and a strong endorsement of our model, supporting established and growth-focused SMEs.
"Underpinned by the significant technology, data and capital resources of the wider Shawbrook Group, ThinCats will continue to offer the high levels of coverage, innovation, service, and ongoing borrower relationships that business owners, professional advisers and financial sponsors have come to expect.”
