S & U PLC S&U PLC increases investment in Aspen Bridging (6811H)
November 19 2018 - 1:00AM
UK Regulatory
TIDMSUS
RNS Number : 6811H
S & U PLC
19 November 2018
19 November 2018
S&U PLC increases investment in Aspen Bridging
("S&U" or "the Company")
S&U PLC, the specialist motor finance and bridging lender,
has confirmed its expansion into property lending, by pledging its
support for the development of its subsidiary, Aspen Bridging
("Aspen").
Aspen was launched as a pilot in early 2017 and has emerged as a
significant force in the short term bridging field, building a loan
book of c.GBP20m. The loan book is secured on property across
England and Wales and Aspen has built a reputation for speedy
transactions to niche borrowers underpinned by rigorous
underwriting and personal visits and service. The average loan size
is GBP380,000 over terms of up to 12 months for customers who are
generally smaller refurbishers and developers.
S&U anticipates increasing its total investment in bridging
to c. GBP30m in 2019, and further funds dependent on the
requirements and performance of Aspen after that.
Anthony Coombs, S&U Chairman, said:
"After launching Aspen last year, we have been impressed with
the progress the business has made in the growing property bridging
market. It's small but growing team have established an excellent
reputation within this field; the systems and reputation it has
built provide an excellent platform for future growth. Aspen is
already in profit and we expect an increasing contribution to
S&U PLC going forward."
Ed Ahrens, Aspen MD, and Jack Coombs, Director, commented:
"We are delighted that the hard work and ideas of the team at
Aspen have been recognised by the S&U board in their decision
to make further investment and move Aspen forward from the pilot
phase. We are now in a great position to build the business and to
take advantage of the substantial opportunities we are seeing in
the property bridging market."
For further information, please contact:
S&U plc www.suplc.co.uk
Anthony Coombs, Chairman 0121 705 7777
Peel Hunt LLP
Adrian Trimmings / Rishi Shah 020 7418 8900
Newgate Communications
Bob Huxford 020 7653 9840
Imogen Humphreys
Tom Carnegie
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END
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