SME lender moves Scots HQ as part of '˜ambitious' plans

Small business finance provider White Oak UK has relocated its Scottish headquarters to Glasgow as it looks to expand and make key local hires.

White Oak will look to capitalise on Glasgow's growing 'pool of talent' after its move to the city. Picture: John Devlin

The lender, one of the UK’s largest providers of alternative finance to small and medium-sized enterprises (SMEs), officially opens its base at 58 Waterloo Street in the city’s financial district today.

It recently made 12 new hires for the branch and has “ambitious plans” to recruit throughout the year.

White Oak, which has agreed a long-term lease for the office, said that its decision to relocate was driven by Glasgow’s “recent regeneration, superior business infrastructure and growing commercial profile”.

It added that the city was home to a “burgeoning pool of talent” which it aims to exploit as it grows the team locally.

The business has around 6,000 customers in Scotland.

All employees from its former site at Stewarton in Ayrshire have transitioned to the new site, the business said.

In the last year the firm, previously known as LDF, arranged funding of approximately £520 million for thousands of UK businesses, completing around 14,000 deals at an average size of £40,000.

It also announced last summer that it had passed the £1bn mark in lending on its own book, four years after launching.

MD Peter Alderson said: “The opening of our new office in Glasgow represents a significant milestone for White Oak UK in its objective to help businesses thrive while providing the highest levels of service and solutions.

“Our geographic footprint perfectly reflects our commitment to financing businesses across the UK with key offices in Wales, England and Scotland.”

Further offices are located in Manchester, Southampton and London with its UK head office based in Ewloe, north Wales.

Head of Glasgow sales Derek Money, who will manage the new site, said the move will help the firm to better serve its clients, adding: “In order to best serve our existing clients and to build relationships with new ones, we need to be closer to our clients and have office facilities that enable us to better meet the demands and needs of clients in Scotland.

“Glasgow’s great infrastructure and recent regeneration means the city is at the forefront of developing technology and home to a burgeoning talent pool, which we aim to tap as part of our plan to hire locally and grow organically.

“We are proud to service the ongoing business finance needs of over 6,000 Scottish customers.

“And with plans to offer more services to a growing number of businesses across the territory, we see our new office as integral to ensuring that we have the right infrastructure in place to support Scottish business through 2019 and beyond.”

The lender LDF rebranded to White Oak UK in July 2018 following its acquisition by White Oak Global Advisors in June.