Retail tycoon Christo Wiese says another strong performance from Reward Finance Group is partially down to addressing a gap in the market caused by the continuing volatility in the UK business environment.
Reward Finance Group, the Leeds and Manchester-based alternative finance provider, has continued its impressive growth with a strong performance in the six months to the end of August.
Parent company Tradehold Group, which is listed on the Johannesburg Stock Exchange and whose chairman is Mr Wiese, has announced that Reward Finance has grown its income by almost 20 per cent to £4.4m -- and increased its the loan book by 13 per cent to £43.7m.
And, commenting on Reward Finance’s consistent profitable growth since its launch in 2011, Mr Wiese, said: “Reward Finance continues to be successful because it aggressively addresses a gap in the market caused by the continuing volatility in the UK business environment. This has resulted in banks and other mainstream lenders becoming increasingly reluctant to grant loans to smaller businesses.”
Meanwhile, Tom Flannery, joint MD at Reward, said the results sent a clear message out to the industry earlier this year when it was announced that they had doubled their lending capability with a £40m investment from the Foresight Group.
He added: "Following this, September and October have just seen back to back record months for deal numbers. We have also continued to strengthen our team in both Leeds and Manchester by appointing some of the most experienced and well connected people within the sector.
“Small and medium-sized businesses are becoming increasingly frustrated at being held back either because banks won’t lend to them or the form-filling and decision-making process takes far too long.
“Reward Finance is very much ‘open for business” and is keen to provide the necessary funding to help SMEs grow and become even more successful.”