UK-based equipment leasing and asset finance company Shire Leasing has announced a significant achievement in its strategic growth plan, with gross receivables exceeding £200m ($256.4m).
In October 2021, Shire Leasing recorded £150m in gross receivables and since then the company has seen a natural increase in originations, with 70% of agreements now written to its Own Book portfolio.
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The company noted that its alliance with the British Business Bank, which began in 2014, has been instrumental in its recent performance.
Accreditation to all three iterations of the Recovery Loan Scheme since 2021 has further enabled Shire Leasing to offer better terms through Own Book lending and boost the volume of business loans for existing customers.
This served as a crucial support for the company when access to working capital was essential.
In addition, Shire Leasing launched the long-term ‘Aurora’ campaign to drive imagination, automation, and scaling of the business.
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By GlobalDataDevelopments such as the Directors Guarantee Automation module have enabled auto-decisioning for sole traders and new starts, improving auto-acceptance rates and halving manual underwriting decision times to under two hours.
In 2022, Shire secured a £15m medium-term note programme with LGB Capital Markets, allocating the investment to working capital, new technology, and flexibility for the Own Book portfolio.
Shire Leasing also focuses on environmental initiatives, such as the ‘Low-Start for Low Emissions’ programme to promote investment in green assets.
Shire Leasing CEO Mark Picken said: “Despite economic challenges over the past years, Shire’s nature to adapt to market dynamics keeps us aligned to evolving customer expectations so we can deliver a first-class service.
“We’re extremely proud to achieve this £200m, and we will continue to build and foster long-term relationships, think outside of the ‘normal’ parameters of finance and devise bespoke solutions to support the markets that we serve.”
