British Business Investments (BBI) has agreed to offer a £25m ($31.14m) facility to Shire, comprising Shire Leasing and Shire Securities, to bolster asset finance solutions for UK smaller businesses.
This facility aims to aid UK smaller businesses in agriculture, business services, manufacturing and construction, as well as support Shire in providing finance for asset acquisition across various sectors.
Known for its independent finance provision, Shire Leasing has a history of lending to smaller businesses. The company has grown its book portfolio from approximately £50m ten years ago to exceed £225m today.
In March 2024, Shire completed the acquisition of Shire Securities. The deal is expected to further expand Shire’s lending capabilities to UK smaller businesses, enhancing their access to necessary financial resources.
BBI said it has maintained a successful partnership with Shire Leasing for over ten years.
British Business Bank Structured Financial Institutions Solutions senior director Jonathan Marriott said: “We are pleased to be continuing the Bank’s support for independent operators in the asset finance sector on a truly national basis with this investment into the Shire group of companies.
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“The use of our block discounting model has proved to be an effective way of providing valuable additional funding by widening the choice of finance options that smaller businesses across the UK can access.”
Shire managing director Helen Lumb said: “Our ongoing partnership with the British Business Bank continues to strengthen our ability to support UK SMEs. This new funding commitment is a testament to our shared vision of making finance more accessible to businesses across various sectors.
“As we move forward with the acquisition of Shire Securities, we are poised to further expand our lending capabilities. This development phase represents a significant opportunity for us to enhance our support for smaller businesses, helping them secure the finance needed to grow and succeed in today’s competitive market.”
In a separate development, BBI announced a £20m funding facility last month for Sprk Capital, which offers advanced funding for R&D tax credits and innovation grants.
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