Simply has received a third facility from the British Business Bank (BBB) which will provide an additional £60m of lending.
The third tranche from the BBB brings the total facility for Simply to £180m – Simply last received its second tranche of money in October 2018.
London-based Simply was established in April 2017, led by Close Brothers veteran Mike Randall and backed by private equity firm Cabot Square Capital.
The Enable Funding program aims to improve the supply of asset and lease finance to smaller UK businesses from the government-backed BBB. It has worked with a series of well-known lessors, most recently in March this year when it provided OakNorth Bank with a £133m facility.
Mike Randall, chief executive of Simply, said: “We believe we are building something different, something that challenges the current industry status quo. Our vision is simple. It’s all about believing in potential. Simply wants to lend money to entrepreneurs, family businesses and small and medium-sized enterprises across the country to let them grow and prosper.
“With every transaction, we enable them to employ staff, serve their customers and pump oxygen into the foundations of the SME economy. And thanks to this third tranche from the British Business Bank, we are able to provide more of our customers with the tailored solutions and long-term partnerships that will see them through the whole economic cycle.”
Reinald de Monchy, managing director, Guarantee and Wholesale of the British Business Bank, said: “It’s a measure of the success of the Simply business and of our relationship with Mike Randall and the team that the Bank has increased its funding through the Enable Funding programme. Since our relationship began in 2017, it is encouraging to see that Simply has continued to increase the amount of leasing and asset finance available to businesses to help them purchase equipment, free up working capital and invest in growth. The Bank remains committed to increasing the diversity of finance provision, allowing non-bank entrants like Simply to help provide even more funding options to smaller businesses around the UK.”
Richard McDougall, partner at Cabot Square Capital, said: “Simply has continued to make excellent progress and has now established itself as a credible player in the asset finance market. It is great that the British Business Bank is extending its support to Simply for the third time, alongside Cabot. Mike and his team provide an invaluable service to businesses across the country – Simply lends Cabot’s institutional capital and funds from the British Business Bank into the real economy in a modern way, with total focus on customer experience and outcomes.”