Shire Leasing’s on-going strategic focus to grow its own book portfolio of lending has hit a new milestone, as gross receivables surpass £150 million.
The company operates a hybrid model of being a funder and a broker, but increasing its portfolio forms part of the strategy to improve funding flexibility, deliver competitive rates and diversify its product offerings into new sectors.
Mainstream and wholesale lending became stringent during the COVID-19 pandemic, but Shire’s portfolio enabled them to manage their risk appetite and continue to deliver the required funds to UK SMEs across all business sectors, including writing in excess of £21m of CBILS loans in its Own Book.
Mark Picken, CEO of Shire Leasing, said “During recent years, our strategy has been to become a funder rather than a broker. Our relationships with wholesale funders has been key to that goal, and our enduring relationship with the British Business Bank was a pivotal moment in delivering the strategy.”
In August 2021, Shire Leasing announced a further £62.4m of financing under the British Business Bank’s ENABLE Funding programme. The transaction follows on from a first round of funding of £37.4m in 2017 – bringing the overall amount of money under the ENABLE Funding programme awarded to £99.8m.
Picken added, “Now, over 90% of our income comes from our own portfolio, and this has stood us well during the unusual pandemic times. To have broken another milestone and increase our portfolio to over £150 million during a generally difficult period is very satisfying, and a credit to our committed and hardworking team.”
