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Aldermore celebrates 5 years of supporting UK businesses and consumers

POSTED: 20th May 2014
IN: Newsroom
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Aldermore today celebrates five years of providing banking services to Small and Medium-sized Enterprises (SMEs), homeowners and savers across the UK.

Bank’s strong growth continues in Q1 2014

Aldermore today celebrates five years of providing banking services to Small and Medium-sized Enterprises (SMEs), homeowners and savers across the UK.

The Bank, which was founded in May 2009, has experienced significant growth each year. In the first quarter of 2014, Aldermore, which posted a pre-tax profit of £22.4 million in 2013, provided a further £358 million of net lending to business and individuals increasing its total loan book by 11 per cent to £3.7 billion. In addition, the Bank’s savings products attracted £334 million of net new deposits, increasing total customer deposits by 10 per cent to £3.8 billion.

Aldermore provides straightforward banking to consumers and SMEs in the form of award-winning savings, mortgages and asset and invoice finance services online, via intermediaries and from 12 regional offices across the UK. This approach is proving attractive and customer numbers have grown rapidly over the last five years, with the Bank now serving more than 155,000 customers across the country.

In 2013, Aldermore became the first bank in the UK to offer its customers the ability to rate and review its service online. Feedback from customers says that Aldermore delivers ‘banking as it should be’ which is a testament to its approach of building a bank shaped around its customers’ needs.

Aldermore Chief Executive Phillip Monks said: “Aldermore was founded at a time when lending was severely restricted and I am proud that we have played a role in supporting the UK by getting funds flowing to the businesses and homeowners that so desperately needed them.

 “We also wanted to create a bank that was straightforward and transparent, and one that gave businesses and consumers alike a level of customer service that had been lacking in the banking sector. This approach remains at the heart of our business today.”

Phillip Monks adds: “We have built a bank that our customers believe in and our strong growth is largely down to this and the hard work of our staff. I would like to thank all of our customers and the seven hundred and fifty people who work here for their on-going support. We have had much success to date and I look forward to the next five years of providing not banking as it has been but banking as it should be to our valued customers.”

George Osborne, Chancellor of the Exchequer and MP for Tatton, said: “I want to make sure businesses in my constituency have the maximum choice when it comes to banking services so I am pleased that Aldermore is doing its bit to support our local economy.”

**ENDS**

For further information, journalists can contact:

Andy Homer, PR Manager

Tel: 0203 553 4244 (media enquiries only)

Out of office: 07931 492 722

Email:  Andy.Homer@aldermore.co.uk

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page. 

Aldermore timeline:

  • April 2009:UK economy shrinks 2.5 per cent in Q1 2009 – the worst single quarter drop since the Second World War. UK GDP fell 5.2 per cent over 2009 as a whole (source: ONS).
  • May 2009:Aldermore founded by CEO Phillip Monks with backing from AnaCap Financial Partners LLP and Morgan Stanley Alternative Investment Partners.
  • August 2009:Aldermore acquires an invoice finance capability and has since provided £221 million of invoice finance facilities to UK SMEs (Q1, 2014)
  • October 2009:Lending to SMEs in the UK falls 0.4 per cent year-on-year. SME lending continues to fall in every month thereafter to the present day (source: BIS/Bank of England).
  • October 2009:Aldermore launches Asset Finance, which goes on to provide £791 million of asset finance facilities to SMEs (Q1, 2014).
  • April 2010:Aldermore launches its Residential Mortgage business.
  • December 2010:UK GDP up 1.7 per cent in 2010.
  • September 2011:Aldermore raises £62 million investment to fuel growth.
  • December 2011:UK GDP up 1.1 per cent in 2011.
  • May 2012:Aldermore raises an additional £36 million of investment.
  • June 2012:Aldermore launches Business Savings Accounts.
  • July 2012:Residential Mortgage lending exceeds £600 million.
  • September 2012:SME lending hits £1 billion. Customer deposits pass £2 billion.
  • December 2012:UK GDP growth slows to 0.2 per cent in 2010 amidst fears that economic recovery is slowing.
  • January 2013: Aldermore launched Ratings and Reviews allowing customers to give honest feedback via our website. Since the launch almost 2,500 customers have posted reviews and have given the Bank an average star rating of 4.5 out of 5.
  • April 2013:Residential Mortgage lending passes £1 billion.
  • May 2013:Aldermore announces its first year of profitability in its third full year of operation (profits of £0.8 million*).
  • June 2013:Bank of England announces that Aldermore is the 5th highest net lender in the Funding for Lending Scheme, out of 41 participants (June 2012 – June 2013)
  • September 2013:Customer deposits exceed £3 billion
  • December 2013:UK GDP up 1.9 per cent in 2013.
  • December 2013:Aldermore raises £40 million from Toscafund and Lansdowne Partners to fuel its retail and SME lending growth.
  • January 2014:Aldermore launches Customised Fixed Rate Savings Account, which can be opened in 15 minutes online – enabling SMEs to set the term and interest rate they receive
  • April 2014:The Bank announces its second year of profitability, with pre-tax profits rising to £22.4 million for 2013.
  • April 2014:UK economy grows 0.8 per cent in Q1 2014.
  • 20 May 2014:Aldermore celebrates its fifth birthday.

(*Restated to £1.5 million in 2013)

Aldermore 2013 Full Year Highlights:

  • Profit before tax increases to £22.4 million (2012: £1.5 million)
  • Lending to SMEs increases 53 per cent to £1.69 billion (2012: £1.10 billion)
  • Lending to homeowners increases 76 per cent to £1.68 billion (2012: £957 million)
  • Total increase in lending increases 64 per cent to £3.4 billion (2012: £2.1 billion)
  • Customer deposits increases 61 per cent to £3.4 billion (2012: £2.1 billion)
  • Total balance sheet assets increases 66 per cent to £4.2 billion (2012: £2.5 billion)
  • Cost/income ratio fell to 67% (2012: 89%)

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