The British Business Bank has extended its facility with Kent-based lender, Compass Business Finance, to up to £45m.
This latest transaction follows an initial £15m commitment in 2020 which was increased to £30m in 2022.
Compass is an independent asset finance funder and broker, providing finance leases, hire purchase and business loan facilities to smaller businesses across the UK. Since being established in 2005, Compass has helped thousands of businesses invest in equipment and technology to support growth, productivity and innovation.
The facility will support Compass’ development as the lender continues to grow its loan book and support more small businesses across the country.
The British Business Bank partners with the private sector to increase the supply and variety of debt finance so that more smaller businesses across the UK can start, grow and thrive.
This transaction is delivered under the Bank’s Investment Programme, which promotes competition and increased supply through new finance providers or products, and ultimately increases the provision of finance to viable but underserved businesses.
One way in which the Investment Programme achieves this is by investing on commercial terms in participating institutions’ senior, mezzanine, unitranche and subordinated debt instruments. The Investment Programme is open to all finance providers that lend, or intend to lend, to viable UK smaller businesses.
Since 2020 Compass has also participated in the British Business Bank’s Growth Guarantee Scheme (GGS) and the Bank’s Investment Programme to increase lending to smaller businesses.
Michael Strevens, Managing Director, Structured Financial Institutions Solutions, British Business Bank, said: “Completing this transaction with Compass Business Finance represents an important step in strengthening the flow of finance to smaller businesses across the country.
“This partnership will support more businesses to invest, grow and build resilience. Through this, we can ensure that smaller firms across all regions have access to the finance they need to drive productivity and contribute to a thriving local economy.”
Mark Nelson, Co-Founder and Director, Compass Business Finance, said: “We are delighted to further strengthen our relationship with the British Business Bank. This is a significant facility that will increase our ability to support SMEs across the UK, enabling more businesses to access the funding they need to invest, grow and achieve their ambitions. It is an important step in supporting our continued growth while maintaining the service and flexibility our customers value.”
Further Information
| British Business Bank Freddie Cocker, Corporate Communications Manager, British Business Bank freddie.cocker@british-business-bank.co.uk | Compass Business Finance Sarah Lees Head of Marketing & Communications Compass Business Finance sarah@compassbusinessfinance.co.uk |
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support £23bn1 of finance to almost 64,0002 smaller businesses.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such.
With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Compass Business Finance or its products or services.
About Compass Business Finance
Compass Business Finance is an independent company specialising in the provision of industry, professions and renewables finance, focusing primarily on asset-based finance for the print, engineering and construction sectors. Compass has seen year-on-year growth since it was established in 2005, by brothers, Mark and Jamie Nelson. David Bunker joined the company as a director in April 2019.
Working with a wide range of UK SMEs, Compass guides its clients through the financial decision-making landscape, providing clear, specialist support at every stage. The team is committed to delivering a consistent service and complete peace of mind through long‑term, trusted relationships.
Compass Business Finance Ltd. is a limited company registered in England and Wales registration number 05649414, registered office at Compass House, Medway Wharf Road, Tonbridge, TN9 1GH. Compass Business Finance Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register no. 619678.
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