The time has come to reflect on another busy yet incredible year at OakNorth. As we look back on the opportunities and challenges of 2023, we can overwhelmingly say that we feel proud. Proud of the relationships we forged with our partners, proud of the positive impact our funding has had on businesses and communities up-and-down the UK and proud of our team, who remain steadfast in their commitment and dedication to servicing our customer’s needs.
Although it’s not quite your Spotify Wrapped, we’ve crunched the numbers of what we achieved last year with your support and would love to share them with you. So, without further ado, here’s our ‘23 In Review’.
Boosting British businesses
From new lending records in regions around the UK to our growing number of returning customers, we continued to back forward-thinking, mid-sized businesses, lending a massive £1.7bn over the last 12 months.
With concerns growing about meeting the needs of England and Wales’s aging population, our customer Lovett Care, is ahead of the pack. The award-winning care home provider secured an OakNorth loan that will enable them to build three brand new care homes, ensuring we are future ready. We also renewed our relationship with Red Oak Taverns, one of the UK’s leading independent pub companies – cheers to that!
It’s not only the streets of London that are paved with gold
We back flourishing businesses across the country, not just in London. In fact, around half of our lending in 2023 was to businesses outside of London, including an exciting £25m loan to Bowland Inns & Hotels, the market-leading pub, hotel and wedding venue specialist operator, to support its continued expansion of new sites across the North West.
And just as we’ve been supporting the later-living sector, we’re also backing future generations through funding premium childcare providers. Together with Graphite Capital, we provided a structured debt facility to support Storal, one of the largest privately-owned children’s nursery groups in England, as they expand its footprint across all corners of the country.
A slice of the action across the sector-board
Through the ever-expanding remit of industries that we serve, we can provide granular, sector-specific insights that not only help us make better lending decisions, but also help businesses grow faster and smarter by tailoring funding to their future needs
From a £37m loan to UK Storage Company, one of the UK’s largest independent self-storage providers, to funding acquisitions in the cosmetics industry – we saw it all in 2023.
We joined Searchlight Capital Partners on the mat as we exercised our expertise to provide an £88.5m capital solution to support the growth of Third Space, the luxury health and fitness brand with eight clubs across London. Just as memorable was the £24.5m loan, supplied in partnership with Westbrooke Alternative Asset Management for AURELIUS, the pan-European alternative investment firm, to support its acquisition of TM Group.
All of this said, while big loan values make the headlines, it’s the multiplier effect of these loans that have the most meaning to individuals and what we feel most passionate about. In the smaller regions we’ve funded outside of bigger cities, the creation of new jobs is what ultimately helps shape communities, leaving a lasting positive impact beyond an initial loan.
So, off the back of an amazing 2023, we’re diving headfirst into 2024 and can’t wait to see what the new year will bring. If ambitious growth is part of your business strategy this year, get in touch today.
