Advantedge has grown strongly since a Mobeus-backed MBO in November 2016 with turnover projected to double by the end of the current financial year. This latest development supports its intentions to become a leading funder to UK SMEs looking to access fast, flexible and straightforward funding for growth.
The funding was provided by NatWest ABL and Lloyds Bank Commercial Banking and strengthens the firm’s position as it seeks continued expansion. It follows a series of initiatives since the MBO, including: a rebrand; the launch of two new offices in Scotland and the Midlands, and; most recently the acquisition of Henry Howard Cashflow Finance, which saw the business take on new premises in Newport to increase its support in Wales and the South West region.
“The team at Advantedge is going from strength to strength in terms of delivering its ambitious growth plans. This funding commitment demonstrates confidence in our shared vision to create a leading UK provider of alternative finance to UK SMEs.”
Jonathan Gregory, Mobeus’s representative on the board of Advantedge
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“We’re delighted to secure this increased funding facility of up to £100m. The ongoing support from our funders reflects their confidence in our future plans and is a significant boost to our business. This milestone enables us to continue our rapid growth trajectory and complements our commitment to invest continually in the business, not only to deliver much needed funding solutions but also the very best in client service. The whole team here is very excited about what it means not only for the business but also for our clients.”
David Tilling, CEO, Advantedge