Shawbrook Bank, a London-based savings and loan that caters to small and medium-size businesses, has acquired Singers Asset Finance, a finance company that funds, among other things, medical assets for the healthcare sector. Terms of the deal were not disclosed.
Shawbrook Bank is pleased to announce that it has acquired Singers Asset Finance (Singers) to extend its secured lending offer to small and medium size enterprises (SMEs).
Shawbrook is a specialist savings and lending bank that launched in October 2011 with a commitment to increasing lending to SMEs. The specialist lending teams of both businesses will enable Shawbrook to offer SMEs a greater range of secured lending products.
Singers Asset Finance is a recognised hire purchase and leasing company to UK SMEs and the healthcare sector. Singers retain their name and brand as part of the acquisition, enabling both Shawbrook and Singers to continue to seamlessly operate their relationships and contracts with their existing customers.
Sir George Mathewson, Chairman of Shawbrook Bank said, “The acquisition of Singers Asset Finance is an exciting step in Shawbrook’s growth as a savings and lending specialist. Singers is a strong, successful business, and by joining forces we will be extending our offer to SMEs and giving customers access to the experience and knowledge within both of our specialist lending teams. Since we launched Shawbrook Bank we have seen huge demand for loans from SMEs, and by adding asset finance solutions to our lending offer we can help even more small businesses to grow.”
Richard Pyman, Chairman and CEO of Singers Asset Finance said, “We knew from the outset that Shawbrook would be a natural match for Singers. Both businesses are focussed on making it easier and more straightforward for SMEs to borrow, and we are united in our desire to provide traditional, straightforward lending. Having a strong new owner in Shawbrook Bank marks a new chapter for Singers, and we look forward to working alongside Shawbrook to offer the best possible service for our customers.”
Completion of the acquisition took place on 22nd March 2012.