OakNorth has pumped £710m into UK scale-ups since launch in September 2015
Recent deals include lending £20m to restaurant chain Brasserie Blanc and £600,000 to coffee shop Notes - with another £700m in the pipeline
OakNorth, the small business bank, has revealed it has lent over £710m to entrepreneurs since launching in September 2015.
Making over 80 transactions since January 2017 alone, the bank has handed out over £430m since the new year – with another with £700m worth of deals in the pipeline.
A sign of its increasing lending power, the bank had lent just £100m in total by last June.
Helping UK entrepreneurs scale their business, recent deals include pumping £20m into restaurant chain Brasserie Blanc and £600,000 into coffee shop Notes.
Founded by serial entrepreneurs Rishi Kholsa and Joel Perlman, the duo already employ 140 staff across the UK, with increased demand for OakNorth’s services leading to Hemesh Patel, formerly of Investec, and Eamonn O’Rourke, formerly of Titlestone Property Finance, joining its operations.
Its suggested OakNorth’s contributions have successfully created over 3,000 new jobs and the development of 2,000 new houses in the UK – with the business having broke even just 11 months in.
Ben Barbanel, who heads up OakNorth’s debt finance team, said in a statement:
“At the beginning of the year, we said that we would lend £500m to small businesses based on our pipeline at the time, so to reach £430m with another four months left to go in the year, is an amazing accomplishment.
“In addition to this, we’ve had over £150m in repayments, demonstrating the quality of businesses we’ve lent to, and a quarter of our deal flow now comes from existing clients – a testament to the strong relationships developed by our team.
“If we want to maintain the speed and service that has helped set us apart from other lenders so far, we need to continue developing and scaling the team in line with this.
“Hemesh and Eamonn have both demonstrated that they have the drive required to replicate the success of the past two years and propel us even further.”