Recognise Bank has completed a £1.75m bridging loan to support the expansion of a Teesside manufacturer and retailer.
The facility was arranged for Lowe & Simpson Group, a recently acquired joinery and stair-making business, enabling the new owners to settle a deferred payment linked to the company’s purchase. It also supports the group’s integration into a wider portfolio that includes GL Stairs and GL Joinery.
The loan was introduced by Paul Mak, managing director at Pomegranate Commercial Finance, and completed by Recognise Bank’s lending team to meet a refinancing deadline. It was structured at 70% LTV on a 12-month term after other lenders were unable to meet the client’s requirements, with traditional funding routes restricted by structural considerations.
Founded in 2017, Recognise Bank received its full banking licence in 2021 and now provides lending and savings solutions tailored to small and medium-sized businesses across the UK.
Mike Doxford (pictured), senior lending manager at Recognise Bank, said the transaction was “a strategically important acquisition” and highlighted the bank’s ability to deliver a timely and practical funding solution.
Paul Mak of Pomegranate Commercial Finance added that the deal had “several moving parts” but praised the bank’s agility and collaborative approach in securing the outcome.
