Guildford, UK-based Amicus Finance, a specialist lender, has launched Amicus Commercial Finance to serve the small business and professional services communities. It will focus on providing relationship-based, cash flow solutions to owner-managed businesses with annual sales of between £0.5 million ($.75 million) and £5 million ($7.07 million).
Two experienced market specialists, John Wilde and David Hogg, lead the company. The duo built SME Invoice Finance from start-up in 2000 to a national firm employing 80 staff, serving a 600-strong customer base and generating annual revenues of £12 million ($16.96 million) at the time of its sale to a challenger bank in July 2013.
Royal Bank of Scotland’s ABL team has structured an ABL facility to support the launch and growth of Amicus Commercial Finance. The availability of working capital is an issue faced by most UK businesses and ABL is a cost-effective and flexible alternative for companies to access working capital. It liberates the cash held within physical company assets, such as inventory, plant and machinery, and property, thereby giving fast access to substantial sums of working capital.
John Jenkins, CEO of Amicus Finance said: “The launch of Amicus Commercial Finance underlines our strategy of broadening our proposition into other specialist lending markets. We are delighted that John and David will be leading this business. As two of the most experienced and successful leaders in this sector they have the skills, contacts and vision to build a business that will set a new benchmark in this sector.”
Martin King, corporate business development director, Royal Bank of Scotland ABL said: “We are delighted to be working with Amicus and supporting their extremely strong management team of John Wilde and David Hogg who are well known in the finance industry. This deal is a great example of how we can support finance companies with funding requirements and to assist the launch of Amicus Commercial Finance into the UK’s SME market place.”