Reward Finance Group, a Leeds and Manchester, UK-based alternative funder, received a £40m investment from Foresight Group.
Foresight has provided Reward Finance with a secured loan note facility against the investment, which will double its lending capabilities to SMEs.
Founded in 2011 by joint managing directors Tom Flannery and David Jones, Reward Finance provides business finance, invoice finance and trade finance products. In the year ending February 2017, Reward advanced funds totalling £84 million and the year-end loan book stood at £40m, up25 % on the previous year. Corresponding income grew £7.56m and pre-tax profit was £3.5m.
Reward is 70% owned by Dr Christo Wiese’s Johannesburg Stock Exchange-listed Tradehold Limited, with Reward’s management team owning the remainder.
FinSMEs
08/09/2017