Carl D’Ammassa, Group Managing Director at Aldermore Business Finance, said:
“While it’s positive that many UK workers are benefiting from a pay rise, the erosion of businesses’ profits caused by the National Living Wage is likely to leave some companies less able to invest in growing their business, which could in turn hinder the growth of the wider UK economy.
“Aldermore research shows that more than eight out of every ten UK SMEs intend to grow and are making firm plans to achieve these growth aspirations, but increasing costs could cause some to struggle to do so with the capital they have available. It is therefore crucial that SMEs consider alternative means to finance their expansion so that they can achieve future success.”
For further information, journalists can contact:
Ian Burge, PR Manager
Phone: 020 3553 4292
Mobile: 07767 794956
Constanze Ullmann, Cicero Group
Phone: 020 7297 5978
Mobile: 07741 313 878
Notes to Editors:
Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals, who we believe are often poorly- or under-served by the wider market.
Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.
Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.
Established in 2009, Aldermore has grown significantly. At the end of June 2016, lending to customers stood at £6.8 billion and customer deposits totalled £6.5 billion.
For more information, please visit www.aldermore.co.uk.
Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange.
Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.