Nucleus to provide asset-based lending facilities up to £50m

In addition, the lender has recently bolstered its senior team to allow it to strengthen its ABL capacity.

Ian Bath has joined Nucleus as corporate sales director, while Kevin Sullivan has been recruited to the role of corporate relationship manager.

The pair combined bring over 50 years of experience in the market to the lender.

“One of the reasons I joined Nucleus was to play a key role supporting companies that have been abandoned by the major banks, but struggle to get the level of investment they need from smaller players,” said Ian.

“Banks are becoming more risk averse and reluctant to lend meaningful sums on assets other than debtors.”

Nucleus recently completed a major £8m ABL deal for a Midlands manufacturer.

The lender helped Expert Tooling to secure the finance after the retreat from investment by banks in mid-market manufacturing businesses.

The Nucleus facility will allow Expert Tooling to continue its growth and meet its expansion plans.

“This market dynamic opens up a real need for alternative finance lenders such as Nucleus that really understand the sector and can support the mid-market,” added Ian.

“Where this particular company was once serviced by a major bank, many of these institutions are now walking away from deals like this.”

Chirag Shah, CEO of Nucleus Commercial Finance (pictured above), added: “With Brexit around the corner, the companies operating in these sectors are rightly looking for solutions that can help future proof their businesses.

“This is why we’ve taken the decision to enhance our asset-based lending offering.

“It’s personally rewarding to support businesses that represent the heartland of the British manufacturing and construction industry, a profitable sector that contributes to job creation and driving the UK economy.”