LDF Group, the UK alternative provider of SME finance, has rebranded as White Oak UK following its acquisition by the US funding company of the same name on June 30 for an undisclosed sum.
The rebrand, which came into effect on the July 16, has no impact on existing agreements with customers.
Peter Alderson, managing director of White Oak UK, said: “There’s still a real gap in the availability of lending to SMEs across the UK and this can be a huge barrier for many business owners.
“We are confident that through the increased levels of funding and the enhanced suite of financial products available to us through the wider group, we will be in an even stronger position to drive a positive change for small and mid-sized businesses who are looking for simple access to finance and an improved speed of service.”
Over the past four years the firm, whose main office is based outside Chester, provided over £1 billion in funding to UK entrepreneurs and business owners, lending a total of £511m in 2017 – a 32% rise on the previous year.
White Oak UK’s parent company, White Oak, is a funding giant in the US. It has financed over $7bn in term loans, asset-based loans, equipment financings, factoring, working capital solutions and credit services. White Oak UK’s backing by its new owner will see it look for further growth this year.
Andre Hakkak, White Oak chief executive, said: “As we look to grow our international presence, we are excited to achieve further success and scale in the UK through new working capital products.
“We are confident that White Oak UK will continue to expand and having recently broken the £1bn mark in own book lending, I believe that the business is on track to meet its ambitious goal of increasing its support of UK business finance with the help of the group’s additional backing.”
