Major bank backs Amicus' new venture

Major bank backs Amicus' new venture

RBS has provided an asset-based lending facility to Amicus Finance to support its new commercial finance arm.

Amicus Commercial Finance, based in Guildford, serves the small business and professional services communities by focusing on providing relationship-based, cash flow solutions to owner-managed businesses with annual sales between £500,000 and £5m.

The start-up is led by John Wilde and David Hogg who built SME Invoice Finance Limited from scratch in 2000 into a national firm which generated annual revenues of £12m by the time it was sold to Metro Bank in 2013.

John Jenkins, CEO of Amicus Finance, said: “The launch of Amicus Commercial Finance underlines our strategy of broadening our proposition into other specialist lending markets.

“We are delighted that John and David will be leading this business. 

“As two of the most experienced and successful leaders in this sector they have the skills, contacts and vision to build a business that will set a new benchmark in this sector.”

John Wilde added that he and David had found the ideal partner in Amicus and with whom they could build a new proposition designed specifically around small businesses’ cash flow financing requirements.

“We believe that the market will welcome a fresh approach from a commercial finance provider that is able to combine the strengths of a relationship-driven service with technology-based processing power,” said John. 

“The support from the Royal Bank of Scotland team has been essential in providing the required capital investment to kick-start the business.”

Martin King, Corporate Business Development Director at Royal Bank of Scotland Asset Based Lending, concluded: “We are delighted to be working with Amicus and supporting their extremely strong management team of John Wilde and David Hogg who are well known in the finance industry. 

“This deal is a great example of how we can support finance companies with funding requirements and to assist the launch of Amicus Commercial Finance into the UK’s SME market place.”

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