Our history

We have achieved a great deal in our short history. Since we were founded, we have developed into one of Britain’s leading alternative banks offering a range of competitive lending and deposit products and supporting customers across the country.

2014

2014 marked five successful years of supporting British businesses, homeowners and savers. Our proven track record of execution and delivery continued into the first half of the year when we announced another excellent set of financial results for the first six months of 2014.

  • During this period, total net lending reached £4 billion, with lending to SMEs at £2 billion and lending to homeowners also at £2 billion. Our total net deposits reached £3.9 billion, made up of £0.8 billion in SME deposits and £3.1 billion in retail deposits.
  • At the start of the year, we launched our Customised Fixed Rate Business Savings Account. This innovative account enables SMEs to maximise the return on their savings by choosing a maturity date and rate combination to meet their needs instead of picking the best fit from a list of products with pre-defined terms.
  • We also further diversified our funding in April by raising £333 million through the issuance of our inaugural residential mortgage-backed security (RMBS).

2013

Our financial performance during 2013 once again underlined our impressive momentum. By the end of the year, total net lending stood at £3.4 billion, with lending to SMEs and lending to homeowners both at £1.7 billion. Total net deposits were £3.4 billion, consisting of £0.5 billion in SME deposits and £2.9 billion in retail deposits.

  • 2013 was also a year of landmarks for Aldermore. In February, our Residential Mortgage lending passed £1 billion and in September customer deposits exceeded £3 billion. We also opened our 100,000th savings account and started lending to property buyers in Scotland.
  • We also became the first UK bank to offer fully interactive customer service allowing customers to review our offering online through our Ratings and Review feature.
  • At the end of the year, we raised £40 million in common equity from Tosca Entrust Master Fund and Lansdowne Global Financials Master Fund Limited to drive the growth in our lending to SMEs and homeowners.

2012

In our third full year of operations, we announced our first year of profitability (£0.3 million profit before tax for the year). This landmark was reached earlier than forecast and represented a significant achievement in a short space of time.

  • We continued to expand our product offering and in June launched our range of business savings accounts for SMEs.
  • In October, we hit two landmarks with SME lending reaching £1 billion while customer deposits passed £2 billion.
  • We diversified our funding profile in May when we raised £36 million from the issuance of Subordinated Notes with a nominal value of £40 million.

2011

Our decision to position Aldermore as the champion of British SMEs, homeowners and savers was vindicated in June when the Bank broke even for the first time, two months ahead of forecast. Given that the Bank launched in May 2009, this was a great achievement in a short period of time.

  • This was followed in July by the announcement that the Bank’s gross assets had exceeded £1 billion.
  • Our commercial mortgage business continued to go from strength to strength as we began our sponsorship of the National Association of Commercial Finance Brokers (NACFB) and launched our new state-of-the-art commercial mortgage processing system.
  • We continued to strengthen our capital position by raising £62 million in common equity from a consortium of leading global investors in September.

2010

We strengthened our product range by launching our Residential Mortgages proposition in May to offer loans to homeowners and buy-to-let landlords.

  • At the same time, our Commercial Mortgages business continued to grow strongly, providing finance to professional residential investors and SMEs purchasing business premises.
  • At the same time, we continued to develop our digital offering, building a digital banking platform that allowed customers to find us, talk to us and transact with us.
  • These developments further spurred the Bank’s growth and meant that our balance sheet had reached £750 million by the end of the year.

2009

Aldermore was founded in May 2009 by our CEO Phillip Monks through the acquisition of Ruffler Bank PLC and Base Commercial Mortgages Limited with funds managed and advised by the private equity firm AnaCap Financial Partners LLP.

  • At this time, Aldermore had customer lending in the region of £76 million and approximately 50 employees.
  • The Aldermore name derives from the Alder tree, which is known to thrive where other trees fail.
  • In July, we launched multi-channel retail savings, followed by our Asset Finance business in October. In November, we acquired Absolute Invoice Finance, to launch our Asset Finance business.