Aldermore

Aldermore was established with backing from private equity company, AnaCap Financial Partners LLP, in early 2009.{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11473636/Aldermore-How-the-bank-formed-in-the-depths-of-the-crisis-found-success.html|title=Aldermore: How the bank formed in the depths of the crisis found success|publisher=The Telegraph|date=15 March 2015|access-date=13 June 2015}}

The acquisition of Ruffler Bank in May 2009 provided Aldermore with its banking licence and an asset finance business which was combined with the commercial mortgage business of Base Commercial Mortgages, a small mothballed operation.{{cite web|last=Cave|first=Andrew |date=30 July 2011|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8672845/Aldermore-a-bank-that-loves-to-lend.html |title=Aldermore - a bank that loves to lend|publisher= The Daily Telegraph|access-date= 29 April 2015}}

AnaCap purchased Cattles Invoice Finance, a factoring business, from Cattles PLC in 2009, and in 2010 the division became part of Aldermore.{{cite news|title=Cattles Invoice Finance rebranded for the second time in a year|url=http://www.businesszone.co.uk/community-voice/blogs/factoringfinance/cattles-invoice-finance-rebranded-for-the-second-time-in-a|access-date=25 February 2017|work=Business Zone|date=6 September 2010|archive-url=https://web.archive.org/web/20170226130744/http://www.businesszone.co.uk/community-voice/blogs/factoringfinance/cattles-invoice-finance-rebranded-for-the-second-time-in-a|archive-date=26 February 2017|url-status=dead}}

It raised £62 million of further investment from a consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management, and the Ohio Public Employees Retirement System in August 2011{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8787112/Goldman-Sachs-takes-Aldermore-stake.html|title=Goldman Sachs takes Aldermore stake|publisher=The Telegraph|date=24 September 2011|access-date=13 June 2015}} and it received an additional capital investment from Centerbridge Partners when it issued a £36 million subordinated bond in May 2012.{{cite web|url=http://www.cityam.com/article/boost-new-bank-aldermore-it-clinches-36m-fundraising|title=Boost for new bank Aldermore as it clinches £36m fundraising|publisher=City AM|date=14 May 2012|access-date=13 June 2015}}

In 2012 the bank reached its first full year of profits in its third year of operations.{{cite web|last=Croucher|first=Shane|url=http://www.ibtimes.co.uk/aldermore-bank-sme-lending-mortgages-fls-finance-495857|title=Challenger Bank Aldermore Boosts SME and Consumer Lending by 60%|publisher= International Business Times|date=31 July 2013|access-date=15 October 2015}}

Aldermore was recognised as a challenger bank by the media,{{cite news|last=Grice|first=Andrew|title=Cable and Osborne on a Collision Course Over Small-Business Bank|url=https://www.independent.co.uk/news/uk/politics/cable-and-osborne-on-a-collision-course-over-smallbusiness-bank-8126239.html |archive-url=https://web.archive.org/web/20120912205235/http://www.independent.co.uk/news/uk/politics/cable-and-osborne-on-a-collision-course-over-smallbusiness-bank-8126239.html |archive-date=2012-09-12 |url-access=limited |url-status=live|publisher=The Independent (UK)|access-date=21 January 2013|location=London|date=12 September 2012}} and launched a successful initial public offering in March 2015, with an opening market capitalisation of approximately £651 million.{{cite web|last=Partington|first=Richard|date=10 March 2015|url=https://www.bloomberg.com/news/articles/2015-03-10/aldermore-raises-340-million-in-london-initial-public-offering |title=Aldermore Raises $340 Million in London Initial Public Offering|publisher=Bloomberg L.P.|access-date=1 May 2015}}

In October 2017 it was announced that Aldermore had agreed to be acquired by South African banking conglomerate FirstRand. The deal valued Aldermore at £1.1bn.{{cite web|url=https://www.bbc.co.uk/news/business-41886837 |title=Aldermore agrees takeover by South Africa's FirstRand - BBC News |publisher=Bbc.co.uk |date=2017-11-06 |access-date=2018-01-13}}

Aldermore provides financial services to small and medium-sized businesses as well as personal customers.{{cite news|last=Hurley|first=James|title=Aldermore - A Dads Army Bank For SMEs|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9247941/Aldermore-a-Dads-Army-bank-for-SMEs.html|publisher=The Telegraph|access-date=21 January 2013|location=London|date=6 May 2012}} Its services include retail and business savings and asset and invoice finance, as well as commercial and residential mortgages.{{cite web|title=Our History|url=http://www.aldermore.co.uk/about/who-we-are/our-history/|publisher=Aldermore Bank PLC|access-date=21 January 2013}}

The bank offers lending across the following areas: asset finance, invoice finance, SME commercial mortgages, buy-to-let mortgages and residential mortgages.{{Cite web |last=Leggett |first=Joseph |date=2023-02-24 |title=Aldermore Business Banking Explained – Savings, Fees & Reviews |url=https://www.businessfinanced.co.uk/aldermore-bank/ |access-date=2023-02-27 |website=Business Financed |language=en-GB}} Its lending activity is largely funded by the deposits it receives from business and personal savers.{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9247941/Aldermore-a-Dads-Army-bank-for-SMEs.html|title=Aldermore - A Dads Army Bank For SMEs|last=Hurley|first=James|date=6 May 2012|publisher=The Telegraph|access-date=3 February 2017}}

Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its regional offices. It was also the first bank to offer this service and publishes this customer feedback unedited on its website.{{cite web|url=http://www.advisoryhq.com/articles/aldermore-bank-reviews/|title=Intro – Aldermore Bank Reviews|publisher=Advisory HQ|date=9 May 2016|access-date=3 February 2017}}

The company's board has been chaired by Pat Butler since January 2018.{{Cite web |title=Board of Directors {{!}} Aldermore |url=https://www.investors.aldermore.co.uk/about-us/corporate-profile/board-directors |access-date=2022-09-15 |website=www.investors.aldermore.co.uk}} Non-executive directors are Richard Banks, John Hitchens, Harry Kellan, Alan Pullinger, Cathy Turner, Romy Murray, Nicolina Andall and Ruth Handcock.{{Cite web |title=Board of Directors {{!}} Aldermore |url=https://www.investors.aldermore.co.uk/about-us/corporate-profile/board-directors |access-date=2022-09-15 |website=www.investors.aldermore.co.uk}}

Aldermore is the sponsor of the National Association of Commercial Finance Brokers (NACFB),{{cite web|title=NACFB - Working with Lenders|url=http://www.nacfb.org/working_with_lenders.html|publisher=NACFB|access-date=16 October 2012|archive-url=https://web.archive.org/web/20121024080735/http://www.nacfb.org/working_with_lenders.html|archive-date=24 October 2012|url-status=dead}} and a member of the Council of Mortgage Lenders.{{cite web|title=Directory of Members and Associates|url=http://www.cml.org.uk/cml/membership/directory|publisher=Council of Mortgage Lenders|access-date=16 October 2012|archive-url=https://web.archive.org/web/20121024225948/http://www.cml.org.uk/cml/membership/directory|archive-date=24 October 2012|url-status=dead}} Aldermore is a member of the following bodies: the British Bankers' Association,[https://www.bba.org.uk/about-us/members/?letter=A BBA Members]. Retrieved 14 February 2017 the Finance and Leasing Association,[http://www.fla.org.uk/MembersAreaLive/directory/default.asp?dir=1 Directory] {{Webarchive|url=https://web.archive.org/web/20170215130734/http://www.fla.org.uk/MembersAreaLive/directory/default.asp?dir=1 |date=2017-02-15 }}. Retrieved 14 February 2017. the Asset Based Finance Association,[https://www.abfa.org.uk/members/membersList.asp List of Members] {{Webarchive|url=https://web.archive.org/web/20170215123630/https://www.abfa.org.uk/members/membersList.asp |date=2017-02-15 }}. Retrieved 14 February 2017. the Council of Mortgage Lenders[https://www.cml.org.uk/about-us/our-members-and-associates/ Directory of members] {{Webarchive|url=https://web.archive.org/web/20170215122551/https://www.cml.org.uk/about-us/our-members-and-associates/ |date=2017-02-15 }}. Retrieved 14 February 2017. and the Intermediary Mortgage Lenders Association.[http://www.imla.org.uk/Membership/Members-List/ Members list]. Retrieved 14 February 2017.

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