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June 13, 2018

Reward Finance grows loan book to £53m

Reward Finance grew its loan book to £53m (£60m) in the 12 months ending February, an increase of 29% on the previous year.

By Lorenzo Migliorato

Reward Finance grew its loan book to £53m (£60m) in the 12 months ending February, an increase of 29% on the previous year.

Fee and interest income rose from £7.5m to £9m. Operating profit before tax totalled £4m.

The Leeds-based lender opened a second office in Manchester during the year, on top of hiring nine new members of staff, which Reward says doubled its workforce.

Recent appointments include Mike Calvert, formerly of Bibby, and Noel Haverly, formerly of Ultimate Finance and Aldermore, as business development directors.

Reward also received a £40m wholesale facility by the Foresight Group in September.

Tom Flannery, joint managing director of Reward, said: “Over the years we have expanded our product range to ensure we can meet all the cash flow requirements of businesses and by ensuring the client has the funds when they need them.

“To be able to do this it was essential to build a knowledgeable and empathetic team to adopt a common sense approach and build long-lasting relationships through responsible lending.”

Nick Smith, group sales and marketing director, added: “It was an excellent year all round and we are keen to build on our continued success by attracting even more experienced and well-connected funders to the team. We will also be concentrating on establishing ourselves as a key player in the North West.”

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