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Challenger bank Oaknorth gears up for post-Brexit “boom”, predicts £500m increase to loan book in 2017




By Daniel Lanyon on 6th January 2017

https://goo.gl/HyOlP3

The London-based bank has also kicked off the year with several new hires in anticipation of ongoing post-Brexit demand for its lending services.

 

 

Oaknorth has made three new hires to its operation following a tripling of its loan book since last June’s Brexit referendum in anticipation of further growth in its lending operation.

 

With larger lenders retrenching from the marketplace and smaller alternative credit providers competing to fill their place, Oaknorth ramped up its own loan book to £300m, a three-fold increase since the 24 June vote.

 

The bank expects this upwards trend to continue, saying it has over £500m of deals in the pipeline for 2017. To meet this “surge in demand” for its lending services, it has added several new team members at its London office

 

This included a £19m loan to naturally fast-food chain LEON, and a £20m loan to golf and leisure complex, Whittlebury Park.

 

Georgy Naydenov and Stuart Blair have now both joined the London office as Debt Finance Directors, whilst David Webley joins as a new Credit Director. Naydenov was previously at NIBC Bank, originating and executing sponsor-backed transactions across a variety of sectors, whilst Blair joins from Williams & Glyn, where he provided structured finance solutions for both Private Equity-backed Corporates and Owner-Managed SMEs.

 

Webley was formerly at Santander, working in the Corporate and Commercial division. Prior to this, he spent 25 years at Barclays, specialising in debt structuring, security requirements, financial covenants, facility and ISDA documentation.

 

OakNorth – which bills itself as “the bank for entrepreneurs, by entrepreneurs”, was launched in September 2015.

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