Leumi ABL has provided Simply with a £30m revolving facility, a hybrid between a traditional block discounting facility and a warehouse facility.
The deal will allow Simply Asset Finance Operations to provide additional funding to small and medium-sized businesses in line with its business strategy.
Set up in 2017, Simply now employs over 100 people and has funded more than 3,500 customers. Backed by the investor Cabot Square Capital, it helps businesses across a variety of sectors – manufacturing, construction, transport and waste – to purchase equipment, free up working capital and invest in growth.
Stefan Wolvaardt, CFO at Simply, said: “The experience, expertise and proactivity of the team at Leumi ABL has made it a pleasure to put this facility in place and we look forward to a closer relationship as we work with them in the future.”
Mike Randall CEO at Simply added: “We’re very much looking forward to working with Leumi ABL and increasing our lending to UK SMEs. We have achieved an incredible amount in a short space of time and are committed to helping SMEs and fund their aspirations – helping them to grow and prosper. We thank Leumi ABL for their support and look forward to working together.”
Legal advice was provided to Simply Asset Finance by DLA Piper and to Leumi ABL by Osborne Clarke.