Simply Asset Finance reaches £150m lending milestone in Scotland

Skyline of the finance district of Glasgow, Scotland illuminated at dusk Picture Credit: Shutterstock.com

Simply Asset Finance has reported that it has delivered £150 million of funding to small and medium-sized enterprises (SMEs) in Scotland since opening its office in the country in 2022. The company said it has supported more than 900 businesses across construction, transport and manufacturing.

In 2024 alone, origination volumes in Scotland rose to £27 million, financing 529 assets for more than 230 customers. According to Simply, this activity has been influenced by public investment in infrastructure such as the A9 dualling, power grid upgrades and oil and gas decommissioning, which it says has created opportunities for SMEs and increased demand for flexible finance.

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The lender also highlighted “landmark” transactions, including its support for the management buyout of plant hire specialist AB2000. The Glasgow-based business, acquired by Quattro Group in 2018 and renamed AB2K, recently returned to Scottish ownership through a deal backed by Simply. The transaction included an asset refinance alongside an asset-based lending facility, enabling long-standing employees Stuart Gardner and Mark Kirkwood to take ownership and reinstate the AB2000 brand.

As part of its growth in Scotland, Simply has expanded its team to ten and relocated to a new office in Glasgow city centre at Kirkstane House in the financial district. The company said the move “places Simply at the heart of Scotland’s business community” and supports its approach of having “local, on-the-ground” expertise.

William Devine, Head of Scotland at Simply Asset Finance, described reaching £150 million in lending as “a proud achievement” and said the new Glasgow office “is a statement of our intent” to embed the company in the city’s financial centre. He added that Simply aims to double lending volumes in Scotland to £300 million within two years.

Chief executive Mike Randall said Scotland “is a hugely important market” for the company and pointed to opportunities for SMEs “when they have the right support.”