Shawbrook Bank acquires Singers Asset Finance

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.     

Shawbrook will continue to distribute all its lending products through intermediaries. Singers distributes its lending products through brokers and via its own teams, and this is how the business will continue to work.

Stephen Johnson, New Business Director at Shawbrook Bank, said:

“The acquisition of Singers is a really exciting step in Shawbrook’s evolution. It means we can offer a wider range of asset-based lending to credit-worthy SMEs looking for a bank that can act quickly and efficiently when a loan is needed. Brokers and intermediaries will continue to be a lynchpin in Shawbrook’s business, and our teams at Shawbrook and Singers will work together to ensure our brokers and intermediaries are supported to win business.”

Jim Cannon, CEO, Singers Corporate Asset Finance said:

“Like Shawbrook, Singers is very focussed on providing traditional, straightforward lending. We’re delighted to be part of Shawbrook Bank and it feels like an ideal partnership for both companies. Singers will operate as a separate business and continue to focus on finance solutions for SMEs. It’s an exciting time for the company as we now enter a growth mode which will help more businesses with their asset finding needs.”       

Completion of the acquisition took place on 22nd March 2012.