London: 02 January 2020 – Cynergy Bank, the specialist lender for business owners, property entrepreneurs and family businesses, has significantly increased its support for the Leisure sector in 2019. In addition, the bank has grown its lending to other vital UK sectors including Healthcare and Hospitality.
Overall the bank has lent an additional £91million to commercial banking customers this year – the best growth the bank has achieved since it was first established in the UK in 1955.
The bank has grown its lending to companies in the Leisure sector during 2019 by £77m, its Healthcare exposure has grown by £5m and its new Hospitality team has grown its loan book by £9m. Around 90% of the loans were new lending as opposed to refinancing (where companies are moving loans to new providers but not taking on increased debt). This means Cynergy Bank provided c£83m in new lending to UK companies, helping them to grow their business and take on new employees.
An example of the type of deal Cynergy Bank has been supporting during 2019, is Ziz Properties Limited’s purchase of the 185 room DeVere Horwood House Hotel in Buckinghamshire from Starwood Capital. Cynergy Bank provided a £10m loan over five years to assist with the acquisition with a further £2.05m loan over 18 months to help fund the refurbishments which will convert the property into a four-star boutique independent hotel.
Ravi Sidhoo, Managing Director, Cynergy Bank Private & Business Banking commented: “At Cynergy Bank we pride ourselves on working with our clients to understand their business needs and aspirations. With our local, skilled relationship managers, we quickly learn our client’s needs, we understand the market and, unlike mainstream lenders, can deliver certainty at speed. These results prove our strategy is working well.”
Mark Dearman, Cynergy Bank’s Sector Head and Director Healthcare & Leisure commented: “Our client-centric philosophy is clearly bearing fruit with our record performance in 2019. Despite the macro-economic uncertainty that has plagued the UK all year, our performance demonstrates that there are still lots of great businesses, especially in the Leisure and Hospitality sectors, that are ambitious, well run, and need an understanding finance partner like Cynergy Bank.”