Since launching in 2015, we’ve navigated our fair share of volatility – from Brexit, global pandemic, inflation and interest rate spikes, and shifting political landscapes. Each of these events brought fresh challenges for businesses across the UK.

But through every cycle, one thing has remained constant: OakNorth’s commitment to supporting lower mid-market businesses (with £1m-£100m in turnover) with the funding they need to seize opportunity, even in uncertain times.

Unlike many traditional lenders, we haven’t just stayed the course – we’ve continued to lean in and grow. Our technology-led platform, real-time portfolio monitoring, and the ability to model complex macroeconomic scenarios quickly mean we can move at speed and make informed decisions, whatever the environment.

Lending through uncertainty: A track record of growth

Between 2019 and 2024, OakNorth’s total loan facilities almost doubled from £3.1bn to over £6bn. And we achieved that growth not during tailwinds, but during a period marked by inflation, uncertainty, and cautious investor sentiment.

This wasn’t accidental – it was the result of deliberate choices. Our growth reflects the trust ambitious businesses place in us and our ability to deliver with speed, insight, and conviction.

Backing businesses when it matters most

In the depths of COVID uncertainty, as markets paused and many lenders stepped back, we provided a £50m facility to a well-established UK conglomerate seeking acquisition funding. Despite their strong banking relationships, they couldn’t secure the funding needed to seize the opportunity quickly. We stepped in, and today they’re a returning client, with whom we’ve completed multiple transactions.

More recently, a Tier 1 sponsor managing approximately £70bn approached us with a complex deal that didn’t fit conventional criteria. Where others hesitated, we acted decisively and tailored a solution, building a valuable new relationship.

Similarly, pub operator Red Oak Taverns initially partnered with us during their growth from 32 pubs to over 200. After refinancing with another lender in early 2022, they returned to OakNorth, refinancing their debt once again. Our flexible approach enabled Red Oak Taverns to reduce their cost of capital, retain acquisition firepower, and continue their ambitious growth, expanding to 227 pubs. Their return highlights our consistent support for businesses through market cycles.

These stories are just a few of many that reflect the value of responsive, relationship-led lending – especially when confidence is in short supply.

Lending resilience vs. market slowdowns

While broader lending markets experienced significant fluctuations from 2020 to 2024, OakNorth continued to grow. We see opportunity where others see risk. In an environment where many hesitate to invest, we enable those ready to act.

In the UK, gross bank lending to SMEs surged to over £105bn in 2020, driven by emergency government loan schemes, but quickly dropped back to £58bn in 2021, and remained subdued at c.£59bn in 2023, according to the British Business Bank and UK Finance. Even with a modest recovery in 2024, SME lending volumes were still well below pre-pandemic levels in real terms, highlighting persistent caution and tighter credit conditions across the market, particularly for Missing Middle businesses.¹ ²

The UK needs more institutions willing to take a long-term view – to back businesses not just in boom times, but when they need it most. We’ve continued to support scaling businesses with the confidence, capital, and conviction to grow – even in uncertain times.

Built for the cycles

OakNorth was founded with a clear mission: to empower the UK’s most ambitious businesses to scale. That mission only becomes more important in tougher moments.

As the economic and political landscape continues to evolve, we’ll remain what we’ve always been – a focused, flexible partner, backing ambition through every cycle.