Reward Finance Group, the Leeds and Manchester based alternative finance provider, has increased income for year-end February 2017 to £7.56m, 14% up on the previous year and continuing its unbroken track record of yearly growth since its inception five years ago.
Reward made total advances of £84m during the year with the year-end loan book increasing 25% to £40m across 130 live clients.
Reward is 70% owned by Dr Christo Wiese’s Johannesburg Stock Exchange listed Tradehold Group with Reward’s Directors Tom Flannery, Dave Jones and Nick Smith owning the remainder (management). Tradehold provides Reward with the cash that enables it to advance funding to SME’s within very short timescales and saw its own assets increase to £998m in the year.
Speaking about the results Tom Flannery, joint MD at Reward, said, “It has been another solid year of growth for us as demand increases for the funding services we offer. Banks continue to take an age to complete transactions and now have little interest in providing short term funding to SME’s, as evidenced by both the Bank of England and British Banking Association statistics confirming a £9bn reduction over recent years in this area of funding.
During the year we further strengthened our team with the appointment of Nick Smith, one of the most experienced and well connected asset based lenders in the North of England, and we are delighted that he has recently become a shareholder in Reward. We are in the process of recruiting further staff in order to support our growing book which has seen a 30% increase in deal numbers over the last three months.”