Member Article

£3 million investment for Leeds business lender

Reward Capital, the Leeds-based business lender, has seen backers pledge a further £3 million of investment into the company, as well as appointing a new financier as part of expansion plans.

The recruitment of Calvin Dexter, who joins from Aldermore Bank, comes as Reward’s backers pledge a further £3m of investment into the company to take its funds available to lend to £16m.

Mr Dexter’s appointment follows a successful 2013 for Leeds-based Reward Capital, which saw the asset based lending specialist complete a record number of deals.

Reward, led by partners Tom Flannery and Dave Jones, said Mr Dexter’s appointment sent out a strong signal to the market about the company’s growth plans.

Mr Jones said: “We find that a large part of our business is referred to us by accountants who are increasingly the first port of call when a business requires finance.

“Calvin is a hugely respected individual who has more than 15 years’ experience in the asset based lending area.

“He has built up strong relationships with many accountants, and the wider professional community which, together with his technical knowledge and experience, makes him the ideal person to seek out more businesses in need of Reward’s support.”

Calvin, who has been recognised for his work at Aldermore, and prior to that Cattles Invoice Finance, with a number of high profile awards, added: “Apart from its invoice finance business, Reward has a unique offering in the market where it is able to fill the gap left by the reluctance of mainstream banks to provide short term overdrafts or to be able to move quickly.

“I have worked directly with Reward on a number of transactions where its speed and flexibility, and ability to lend against a wide spectrum of assets, has meant that deals have been completed with the minimum of fuss.

“I am really looking forward to being able to offer a genuine joined up asset based lending proposition to my introducer base and can’t wait to get started.”

This was posted in Bdaily's Members' News section by Clare Burnett .