Shire Leasing PLC has acquired 100 per cent of commercial loans company, Shire Securities Limited (SSL), trading as Shire Funding Solutions and Shire Merchant Services.
The acquisition brings the specialist B2B loan resources and capabilities into Shire Leasing’s repertoire, enabling the company to meet the evolving needs of its customers.
As part of the wider ‘Shire Business Group’, SSL has experienced steady growth since 2006 under the leadership of Mike Phelan. As part of the integration process, Malcolm Workman (pictured), Chief Operating Officer of Shire Leasing, has been appointed as the Managing Director of SSL and will work closely with Mike Phelan during the transition period to ensure a seamless integration of operations and systems. Malcolm Workman will continue to serve as the Chief Operating Officer at Shire Leasing.
"Market dynamics are continuously changing and the way UK SMEs are choosing to finance their growth plans is evolving. The loan expertise that exists within Shire Securities Limited offers enormous value to additional business that Shire Leasing are looking to write," said Malcolm Workman.
Since 2021, accreditation to all three iterations of the Recovery Loan Scheme (RLS) has helped Shire Leasing to write in excess of £50m of Business Loans directly to their portfolio. With the economic landscape driving increased demand for B2B loans and the homogenisation of assets aligning loan products closer to conventional lease facilities, the acquisition provides Shire Leasing with the foundation of a £6m Business Loan portfolio to continue its own growth plans.
The acquisition further complements Shire Leasing’s existing choice of finance solutions, with SSL’s range of services including business loans, merchant cash advance, commercial mortgages and property development finance.
Workman continued, "We are excited about the opportunities that lie ahead. The acquisition significantly enhances our capabilities and positions us to deliver even greater value for our customers, driving Shire’s growth in both the asset finance and wider B2B lending markets.”
