Platform Black announced it will be changing name to Sancus Finance with immediate effect. The move comes as part of a strategic review of operations by Platform Black’s owners, GLI Finance Limited (GLI).
The strategic review, designed to simplify GLI’s structure, included a transfer of its holdings in Platform Black to the newly formed Sancus BMS Group Limited. By bringing together a select number of niche alternative finance businesses, the Sancus BMS Group will specialise in delivering short, medium and long term finance to small-medium enterprises (SME’s) and their owners.
Its range of funding solutions will now include invoice trading, supply chain finance, education finance, vendor partner programs and secured loans. The Group’s geographical reach now encompasses the UK, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man.
Caroline Langron, Managing Director of Sancus Finance said: “This is really positive news and demonstrates the continued robust support for Platform Black which is now a key part of a group of complementary businesses. With a change of ownership to Sancus BMS Group and access to a £50m funding line, the business is now positioned to drive further significant growth and enhance our service to our funders and clients. We are now in a position where we have an increased capability to fund the increasing demand we are experiencing from UK businesses looking for flexible and competitive sources of finance. Being part of a larger group brings many benefits to our clients as we will be able to draw on other resources to deliver a more rounded solution to meet our clients’ financing requirements.”
Since inception, Sancus BMS Group has provided cumulative funding in excess of £570m to their clients. Over the last 18 months the leadership of Sancus Finance has changed and further investment has been made to strengthen its risk management processes, which has resulted in a default rate of less than 0.5% on transactions over the last twelve months.
GLIs reorganisation is a means of simplifying their Group and investing efficiently to bolster the offering to funders and clients alike. According to GLI’s CEO, Andy Whelan, “the vision and focus for the Sancus BMS Group will continue to be a leading player in the rapidly growing alternative finance sector specialising in meeting the needs of small-medium sized businesses. By creating Sancus BMS the Group now provides a comprehensive offering to funders and clients to meet their financial needs. We take seriously the need to meet the expectations of our stakeholders and we continue to focus on enhancing our service offering to ensure we deliver a pragmatic value added solution.”