OakNorth has reached a remarkable achievement in its journey. In five years, its North West lending team granted £450 million in bespoke debt finance loans. This funding has supported local businesses across sectors like hospitality, healthcare, manufacturing, business services, and real estate.
The digital bank’s efforts have not only been diverse but also impactful. Private equity firms in the region have also benefited from these initiatives. With loans facilitating residential developments and business expansions, OakNorth continues to shape the economic landscape of the North West.
OakNorth, known for its specialisation in entrepreneurial support, has achieved a significant milestone. Over the past five years, the bank’s dedicated team in the North West has granted businesses bespoke debt finance loans totalling £450 million. These loans have particularly benefitted industries like hospitality, healthcare, manufacturing, business services, and real estate.
Support for Diverse Sectors
The digital bank has demonstrated its commitment to various industry sectors. It has also worked with major private equity firms in the region. Stand-out transactions include an £18 million loan to Hurstwood Holdings for residential development and a £15 million loan to The Alchemist for expansion.
OakNorth’s diverse financial support has helped several businesses. This includes a £6.5 million loan to Total Fitness for growth opportunities and a £16.5 million loan to MoneyPlus for scaling operations amid the cost-of-living crisis. Meanwhile, BTTC Infrastructure benefitted from £1.75 million for a management buyout.
Impact on Local Economy
The bank’s contributions have significantly impacted the local economy. New jobs and homes have been created because of these loans. The £18 million loan to Hurstwood Holdings led to the development of 75 new homes. Similarly, The Alchemist’s loan allowed for opening ten new sites.
In the healthcare sector, Total Fitness used the £6.5 million loan to explore future growth beyond its core health club business. MoneyPlus, offering consumer debt advice, expanded its operations with the £16.5 million loan. As a result, both companies could better serve their customers and contribute to economic stability.
Strategic Vision and Mission
Ben Barbanel, head of debt finance at OakNorth, emphasises the bank’s long-term vision. He mentions the bank’s commitment to empowering entrepreneurs through dedicated regional teams. Having a team in Manchester was strategic in helping North West businesses grow.
Barbanel states, “The work done by the team has meant numerous firms have achieved their growth ambitions, creating hundreds of new homes and jobs in the process.” This highlights OakNorth’s role in fostering economic development. He also assures continued investment in building the team and enhancing capabilities across the region.
OakNorth’s approach is customer-centric. This is evident from their hands-on involvement in significant transactions. Every deal reflects a tailored approach to meet specific business needs. This method has led to a strong reputation in the financial sector.
Looking Ahead
Looking to the future, OakNorth plans to intensify its focus on the North West. The goal is to further support entrepreneurial ventures and enhance regional economic growth. The commitment to local businesses is expected to remain steadfast.
The bank’s future strategies will likely include more extensive partnerships with private equity firms. Additionally, there might be an increase in loan amounts to support larger-scale projects. This forward-thinking approach will likely push more businesses towards achieving their objectives.
Commitment to Innovation
Innovation is at the heart of OakNorth’s operations. The bank employs advanced financial technologies to streamline lending processes. This allows for quicker decision-making and more efficient service delivery.
The use of technology also ensures that businesses get customised financial solutions. OakNorth’s clients benefit from faster loan approvals and tailored financial products. This tech-driven approach sets OakNorth apart from traditional banks.
With its innovative methods, OakNorth is well-positioned to adapt to changing market demands. Future plans include expanding technological capabilities to offer even better services.
Community Engagement
OakNorth also focuses on community engagement. The bank supports local initiatives and contributes to regional development. This involves collaborating with community groups and participating in regional events.
Community engagement is an integral part of OakNorth’s strategy. It strengthens the bank’s relationship with local businesses and residents. This mutual support system benefits both the bank and the community.
Conclusion
Over the past five years, OakNorth has made a lasting impact on the North West. With £450 million in loans, the bank has supported various industries and contributed to the local economy’s growth. It remains committed to empowering entrepreneurs and driving regional development. Looking forward, the bank plans to continue its innovative and community-focused approach.
Over the past five years, OakNorth has made a lasting impact on the North West. With £450 million in loans, the bank has supported various industries and contributed to the local economy’s growth. It remains committed to empowering entrepreneurs and driving regional development.
Looking forward, the bank plans to continue its innovative and community-focused approach. This commitment will likely foster further economic stability and success in the region.