BBB provides £60m for asset-based financier

The capital for Simply Asset Finance comes from the British Business Bank’s ENABLE programme.

The British Business Bank (BBB) has provided a facility to Simply Asset Finance that will allow the new non-bank lender to increase its funding to UK SMEs by £60 million.

The capital under the facility will be used for SMEs’ critical requirements in areas such as acquisitions, finance leases and re-financings.

Simply Asset Finance was launched in April last year and is led by chief executive officer Mike Randall, a 30-year veteran of the SME space. The firm is backed by Cabot Square Capital, the financial services-focused private equity firm, and has arranged £35 million of financing in the last seven months.

The deal is the sixth to be completed through the BBB’s ENABLE programme, which aims to increase the supply of leasing and asset finance to UK SMEs and which did its first deal in September 2015.

“Leasing and asset finance is a vital form of funding for many smaller businesses looking to scale up,” said Keith Morgan, chief executive officer of the BBB. “It allows them to buy or replace the equipment that they need to take their business to the next level and realise their growth potential.”

The BBB is a development bank wholly owned by the UK government.