SME finance provider Ultimate Finance said it has recorded its strongest ever six-month period of lending, having provided £750m to SMEs in the first half of 2019.
The figures show a 21% increase in funding for H1 2019 compared to the same period last year, while the company has reported growth of over 200% since it was acquired by Tavistock Group in July 2015.
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Ultimate Finance’s asset finance loan book reached more than £50m for the first time, with £20m of that being new business secured in H1.
Ultimate Finance has also seen client numbers increase by 10% since the start of the year, which chief executive officer Josh Levy accredited to the strength of its multi-product offering.
Levy said: “Our first half results demonstrate that our approach and offering accurately reflect the needs of businesses. The past six months have been far from plain-sailing for SMEs – whether it’s political instability or the constant fluctuation of the pound, uncertainty has continued to plague businesses. It therefore remains vital that SMEs have a reliable funding partner in place. Taking the time to understand our clients and the challenges they are facing means that we can offer a solution from our broad product portfolio and a service proposition that has been built around their needs.
“With the second half of the year looking set to test business resilience further, we remain committed to investing in our client service, continuing to provide good funding and proving ourselves as the long-term funding provider of choice for SMEs.”
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By GlobalDataIn February, Ultimate Finance has appointed a chief executive officer to replace Ron Robson who stepped down from leading the business to focus on other responsibilities in the Tavistock Group. Josh Levy succeeds Ron Robson, who served as chief executive officer since 2015.
Headquartered in Bristol, Ultimate Finance has a range of funding solutions tailored to meet the cashflow needs of UK SMEs and currently supports over 2,500 SMEs throughout the UK, and across a wide range of industries, sectors and stages of growth.
