Amicus Finance Plc to launch new firm for SMEs

Lending group Amicus Finance Plc has announced the launch of a new commercial finance company geared towards small businesses and professional services.

The Preston company’s new venture, Amicus Commercial Finance, will focus on providing cash flow solutions to owner-managed companies with annual sales ranging from £0.5m to £5m.

Amicus’ CEO, John Jenkins, said: “Large bank-owned subsidiaries are currently responsible for around 85% of small business lending but due to cost savings, many of them can no longer offer the type of localised, relationship-based service that is valued by smaller firms and professional services organisations.”

“The launch of Amicus Commercial Finance underlines our strategy of broadening our proposition into other specialist lending markets which are poorly served by mainstream lenders.”

Amicus Commercial Finance will be led by John Wilde and David Hogg, the minds behind Sheffield-based lender SME Invoice Finance Limited, which had an annual revenue of £12m when it was sold to retail bank Metro Bank PLC two years ago.

Mr Jenkins continued: “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.”

Commenting on the launch, David said he believes an opportunity exists to develop a leading brand in the small business finance market.

He added: “We’re excited to have the opportunity with Amicus to build this business and we look forward to the challenge ahead.”

The new firm plans to begin operating in January.

John Wilde said of the new venture: “In Amicus we have found the ideal partner with whom we can 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.”