Australia-based Scottish Pacific Business Finance has launched a new division in London to provide loans for overseas purchases to UK SMEs.
The supply chain finance provider said its expansion into the UK market is the first stage of its expansion outside of the Australian, New Zealand and Chinese markets. The initial focus will be on British companies that are sourcing products from overseas and it has funding lines exceeding $AU500m (£257m) available to lend to SMEs.
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The business has appointed Ed Bracey as executive director to lead its UK operation. Bracey has been involved in the trade finance industry since 1986, with senior executive roles at Kellock Ltd (owned by the Bank of Scotland), HSBC, Anglo Irish Bank and Coface UK.
Peter Langham, chief executive officer at Scottish Pacific, said: "I am delighted we are able to assist UK importers to effectively and efficiently fund their overseas purchases. In Ed Bracey we have a veteran of trade finance, who is able to walk through transactions with importers to help them achieve their aspirations.
"Through our China office we have established relationships with a number of Chinese manufacturers who have been able to upscale their businesses using the Tradeline product. The UK market is three times the size of Australia, and with our operation in London, we are in a strong position to capitalise on the demand from growing businesses looking to fund their overseas purchases."
Scottish Pacific Tradeline will operate as a subsidiary to Scottish Pacific, which has been providing working capital solutions to SMEs since 1988. The Australian-headquartered company has a turnover of almost $AU6bn (£3.08bn) and more than 1,000 clients, supported by offices in Australia, New Zealand, China and now the UK.
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