ThinCats sharpens Scottish focus

Peer-to-peer platform ThinCats said it has hired Kenny Hughes as its director for regional business development in Scotland.

The Ashby De-La-Zouch-based firm said Hughes joins from challenger lender Metro Bank, where he was most recently a director of commercial mid-market transactions. The platform adds that Hughes brings with him over 20 years of experience in corporate debt finance.

ThinCats, launched in Leicestershire in 2011, lends small firms between £250,000 and £15m. It has added bases in London, Birmingham and Sheffield as the platform has grown its UK lending.

Mike Hackett, head of sales, at ThinCats, said that Hughes “will play an integral role in bringing ThinCats’ proposition to businesses and their advisers across Scotland”.

‘Brexit uncertainty’

Earlier this month, the platform said it passed £500m of lending as business loans remained strong last year despite “Brexit uncertainty”

The firm said it enjoyed a record year in 2018, lending over £200m to medium-sized trading businesses. 

ThinCats chief executive John Mould said: “By continuing to seek opportunities to plug the funding gap and compete with the banks, we will give growing small and medium-sized enterprises the funding they deserve. It’s great to see that UK small and medium-sized enterprises are continuing to invest in their futures despite Brexit uncertainty.”