2024 was a year of remarkable achievements here at OakNorth. From funding projects that drove innovation and sustainability to empowering businesses across diverse sectors and regions, we’ve witnessed the extraordinary impact of our lending firsthand.
As we begin 2025, we’re reflecting on the stories that defined last year—groundbreaking deals, new opportunities created, and the partnerships that helped shape these successes. Here are some of the highlights that made 2024 unforgettable.
A year of growth and breadth
In 2024, we supported businesses across the UK and the US with lending that reflected the unique needs of each sector and region. From manufacturing and clean energy to hospitality and education, we tailored funding solutions to empower businesses to reach their potential. With over £2bn lent, 2024 was a landmark year for our impact and reach.
Supporting innovation in manufacturing, tech, and clean energy
We’re proud to have played a role in fostering innovation and sustainability through our lending. This includes an £11m facility to Longacre Group to acquire Veracity, a global provider of network connectivity products and surveillance systems, supporting their long-term growth strategy. Similarly, we partnered with HSBC, NatWest, and Virgin Money on a club loan to Scotland-based clean energy group D2Zero, enabling their decarbonisation efforts and growth through acquisitions.
Our support extended to smaller businesses making big waves, such as a £2.5m loan to SES to support the creation of its employee ownership scheme, ensuring the continued success of this power distribution manufacturer for the entertainment industry.
Expanding horizons in hospitality and retail
Last year, we continued to back some of the most exciting names in hospitality, including a £22m loan to Sticks ‘n’ Sushi, enabling the restaurant group’s expansion across the UK and Europe. Adding to their success, Sticks ‘n’ Sushi was recently named ‘Restaurant Group of the Year (20 sites and under)’ at the 2024 R200 Awards. Additionally, we provided a £15m loan to The Alchemist to fund the roll-out of new sites, ensuring the brand continues to captivate with its creative cocktail bars and restaurants.
Retail also featured prominently, with a bespoke funding package to Mamas & Papas, the UK’s leading premium nursery brand, supporting their ongoing growth and solidifying their position as market leaders.
Delivering impact across sectors
Our funding this year has gone beyond financial transactions, creating jobs, building homes, and enabling businesses to innovate and grow. In Scotland, our £21m loan to Ambassador Group is supporting the development of over 70 new homes in West Lothian, while our continued support for sustainable housebuilder Verto resulted in funding for 10 zero-carbon smart homes in Cornwall.
In education, we helped Storal expand its footprint with the acquisition of Children 1st Day Nurseries, ensuring high-quality childcare is accessible to more families across the Midlands and South Yorkshire.
Growing our US presence
2024 marked a significant milestone with our US expansion, with key deals like the $25.1m note-on-note facility to Mavik Capital, which is converting a vacant hotel in Syracuse, New York, into multifamily housing. This project will not only revitalise the property but will also support the community by creating much-needed housing near major universities.
Enhancing private equity relationships
Our expertise in private equity-backed deals continued to shine in 2024. From a £40m NAV facility for Literacy Capital to a £77.6m club loan to digital marketing agency Croud which will help fund ECI Partners’ majority stake in the business, we’ve been proud to support these firms’ growth and success. Each deal underscores our commitment to flexibility and speed, helping sponsors achieve their ambitious goals.
Reflecting on the multiplier effect
While we’re proud of the headline numbers, it’s the multiplier effect of our lending that resonates most deeply. Each loan we provide contributes to job creation, community development, and the advancement of industries. Since inception, our lending has supported businesses to create 47,000 new jobs and build 29,000 new homes – and we’re not about to stop there.
Looking ahead to 2025
As we close the chapter on an incredible 2024, we’re excited about what lies ahead. Whether it’s supporting high-growth businesses, expanding into new regions, or fostering sustainability and innovation, our focus remains steadfast: to empower business growth and create lasting positive change.
If ambitious growth is part of your business strategy for 2025, we’d love to hear from you. Get in touch now to discuss how we can work together via [email protected].
