By Daniel Hunter

Shawbrook Bank have 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 leader in the provision of hire purchase and leasing 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.

“The acquisition of Singers Asset Finance is an exciting step in Shawbrook’s growth as a savings and lending specialist," Sir George Mathewson, Chairman of Shawbrook Bank said.

"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 to our lending offer we can help even more small businesses to grow.”

Richard Pyman, Chairman and CEO of Singers Asset Finance said that Shawbrook are a natural partner for Singers.

“We knew from the outset that Shawbrook would be a natural match for Singers," he said.

"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.”

Join us on
Follow @freshbusiness