LDF achieved a record £50m (€58.7m) of business in January, which managing director Peter Alderson attributed to LDF’s acquisitions.

Speaking to Leasing Life, Alderson said that LDF’s acquisitions and restructuring, as well as new channels such as the vendor business, were responsible for the record growth.

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Alderson said: “It was a big month for us, the first month where we've originated more than £50m. We've developed new channels, and they are starting to come along.

“We made a couple of acquisitions over the last 18 months which are now starting to really work for us. All of those are now starting to come together.”

LDF acquired First Independent Finance in late 2015, and Asset and Corporate Finance (ACF) in October 2016.

Adelson told Leasing Life that these acquisitions had led to a higher proportion of their custom being through asset finance.

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He said: “We're doing more and more asset business as a result of the acquisitions. So, I would have said, two years ago, that split would have been 90-10 in terms of loans, now it's about 60-40. So it's a significant change, a conscious reason why we bought the businesses.”

LDF’s online business also helped spur on growth, according to Alderson, as it is mostly used for asset finance.

He added: “What we're getting from online tends to be asset finance.  As a brand, we're on most of the aggregated platforms that are out there, but we also have our own lending line.

“If you're a small business you can check asset finance without really having to deal with anyone, speak to anyone if you don't want to. So that was first launched middle of last year, and that's starting to get some traction.”