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Economy still on its knees, but UK SMEs say sales will drive greater growth in 2013
Research undertaken by the new British challenger bank, Aldermore, shows that although the economy remains on its knees, small and medium sized businesses are anticipating growth during the year ahead, as a result of more intensive sales and marketing activities.
The research, which was conducted in July this year amongst 300 SME firms throughout the country, confirms that 86% of business owners say the economy is either worse than or unchanged from 2011, with just 14% seeing any sign of improvement. However, despite this bleak prognosis 55% are expecting either a modest or significant upturn in turnover during the year ahead, driven by greater sales and marketing activity. 38% say they expect business levels to stay the same. Only 7% anticipate a downturn in fortunes next year.
Ian Wilkins, Group Managing Director of Commercial Finance at Aldermore, said: "This research shows that despite the economy continuing to languish in the doldrums, owners of small and medium sized businesses remain optimistic about their future prospects. They are committing greater resources to sales and marketing activities in order to drum-up new business, with firms confirming they are recruiting specialist staff, investing in new marketing campaigns and exploring new market opportunities both in the UK and overseas.
"Our experience at Aldermore is that business owners are battling on, but need the support of banks to help fund their future growth ambitions. Sadly, too many companies have found that the big banks are either unwilling to renew credit lines, or will only do so on more onerous terms.
"Aldermore is committed to helping small and medium sized businesses realise their growth ambitions, by providing a range of specialist financial products to help improve cashflow, with the purchase of essential equipment and with the acquisition of property."
Established in 2009, Aldermore has assets of £2.3 billion and has lent more than £1 billion to 12,000 SME customers. Its aim is to support SMEs typically requiring funding of up to £10 million with a range of competitive finance facilities which are supported by a reliable, high quality service.
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Notes to Editors
About Aldermore
Aldermore is a new British bank and one of the best capitalised banks in the UK. With backing provided by AnaCap and Morgan Stanley Alternative Investment Partners, Morgan Stanley's Private Equity Fund of Funds business and new investment from the consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System, Aldermore raises deposits from consumers and lends to homeowners and small and medium sized businesses.
Aldermore does not depend on the wholesale, securitisation or international capital markets and has not been involved in any banking activities or the marketing of any exotic products which have been the cause of problems for so many financial institutions.
As a British bank, Aldermore is regulated by the Financial Services Authority and is registered under the Financial Services Compensation Scheme, which means customers' savings are protected up to the statutory limit of £85,000 per person. Aldermore is also a member of the Council of Mortgage Lenders.
Aldermore markets its lending products via professional financial advisers and specialist commercial finance brokers located throughout England and Wales.
About AnaCap Financial Partners
Established in 2005, AnaCap is Europe's largest specialist private equity investment advisor in the financial services sector. Based in London and investing across Europe, AnaCap advises funds with more than €1 billion under management. AnaCap's funds invest in businesses with high growth potential and strong management teams. AnaCap works with management teams to improve infrastructure and business processes. It employs sophisticated, twenty-first century technology to create low cost, scalable, sustainable and highly digital based platforms. AnaCap's day-to-day support allows management to pursue growth strategies in the most efficient and effective manner.
AnaCap's team of professionals also assists investee companies in assessing and reducing key credit and market risks. This expertise in risk and liability management is a key factor in the strong performance of AnaCap's portfolio.
The success of AnaCap's investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Morgan Stanley Alternative Investment Partners, Honeywell, State of New Jersey and Adams Street Partners.