Private bank Arbuthnot Latham has entered the SME asset-based lending (ABL) space with the launch of its business Arbuthnot Commercial Asset Based Lending.

The division will target SME lending and mid-cap businesses, with a product range centred around confidential invoice discounting, with stock, plant and machinery, property, and cash flow lending for client’s working capital requirements.

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It will be led by Tim Hawkins who joins as managing director from Shawbrook Bank.

Hawkins has over 30 years’ experience in the asset-based lending industry, having previously co-founded Centric Commercial Finance, which was subsequently acquired by Shawbrook Bank where Hawkins was formerly managing director of the business credit division.

The launch comes after Arbuthnot Latham completed its acquisition of Renaissance Asset Finance in May 2017.

Renaissance Asset Finance specialised in high-value asset lending, particularly vintage cars and specialist equipment. The hybrid funder had been in M&A negotiations with Bank of London and the Middle East (BLME) for a proposed takeover in 2016 before the passing of Renaissance founder and managing director Hugh Sigrist.

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Arbuthnot Latham’s chief executive, Ian Henderson, said: “The launch of the new division further strengthens our commercial banking offering, as we continue to drive our growth strategy. By filling a gap in the SME and mid-cap lending market, our dedicated team will support businesses across the UK to realise their growth ambitions.”

“Tim brings the expertise, experience, and knowledge required to drive further growth for SMEs and mid-cap businesses.”

Tim Hawkins said: “I am extremely proud to have joined Arbuthnot Commercial as managing director of this new division.

“The team we are building is united by the desire to work in an enterprising culture and provide an asset-based lending service that delivers personal attention and develops long-term relationships founded on trust and transparency. We have a clear go-to-market strategy and are excited at the opportunity of building a strong market presence”.