Thu, 30 May 2019 | BUSINESS SALE
Headquartered in Deeside, and thought to be one of the largest independent lenders in the UK, White Oak UK has bought Dublin-based SME finance provider Growcap Finance.
Founded in 2015, Growcap Finance operates both in domestic and international markets by providing working capital and trade finance services to facilitate growth.
In addition to developing a presence in Ireland, White Oak UK’s acquisition of the company will allow all 13,000 of its clients to gain access to a wider portfolio of purchase funding services and countless more financing options, especially if they are trading outside of the UK.
Growcap’s existing management team will remain with the company after the acquisition.
Managing director of White Oak UK, Peter Alderson, said: “We have been exploring ways to enter the Irish market for some time and the acquisition of Growcap provides us with an ideal opportunity to meet the needs of clients in a market that is typically underserved by traditional banks.
“Since 2011, 129 bank branches have closed in the Republic of Ireland. Therefore, there is a need to address this gap in business lending via alternative types of funding. As we make our first steps into the European market, the team at Growcap will bring new products to our portfolio as well as experience in new territories that we firmly believe will complement our business and our existing client base.”
Chief executive of Growcap Finance, Andy Beck, added to this, saying: “As one of the leading alternative providers of finance in the UK ,White Oak UK is the perfect fit for Growcap as we look to expand our footprint and enhance our ability to deliver working capital solutions to our clients.
“The combination of the two businesses presents a compelling opportunity for future success, as we continue on our shared goal of providing businesses access to the finance they need.”
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