Leeds-based business lender sees record half-year performance

Reward Finance Group achieved a record performance in the six months to August 31, with fee earnings rising by £700k.

The Leeds-based business lender saw its fee income rise to £3.1m during the period, up from £2.4m in 2014.

Dave Jones, a partner with the company, called the half-year results “very pleasing”.

He said: “Reward Finance Group continues to be extremely active, and offers funding options to suit all customers’ cash flow requirements, enabling them to maximise opportunities that they may otherwise miss out on, often where speed of turnaround is critical.”

Tradehold, the company’s main backer, said in a statement: “Despite a number of new entrants in the short-term secured lending market, Reward Capital continued to see strong deal flow with no decline in the quality of potential loans.

“The effective withdrawal of bank overdrafts to SMEs means that such businesses will continue to need short-term funding.”

The statement continued: “The increased turnover (of the group), primarily interest income, reflected the growth in the Reward loan book by 44% from £19.5m at the February 2015 15 financial year-end to £28.2m at the end of August.”

The two partners who run Reward Finance Group, Dave Jones and Tom Flannery, plan to expand into the North East and North West markets next year.

Last month, the firm helped to create 200 jobs across the country as it supported Newcastle-headquartered bar operator Players Bars in its acquisition of new premises.

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