Specialist lender’s end of year results show loan book growth to £6.4 billion


Together Finance Stockport.Pictured Gerald Grimes

Together, one of the UK’s leading specialist lenders, announced its loan book has grown to £6.4billion in its results for the year to 30th June 2023.

The group, which provides personal and commercial finance to businesses and individuals, reported average monthly lending of £233.1million – up 2.8% on 2022 – despite continued economic turbulence.

Overall, the group’s underlying profit before tax increased slightly from 162.7million to 163.6million, lending £2.8 billion at prudent average origination Loan-To-Values (LTV) of 61%

The Group also announced “very low” arrears, despite a “challenging year” of rising interest rates and the continued cost-of-living crisis affecting UK businesses and individuals during the period.

Gerald Grimes, CEO Designate at Together, said:

“We delivered another strong performance during the year, as we successfully grew the loan book to £6.4 billion with very low LTVs and headline arrears, and the group remained highly profitable and cash generative.

At the same time we increased our support for our customers in what has been a challenging year for many people and businesses and made good progress in delivering our strategic priorities and shaping our business for a sustainable future.

We also further strengthened and diversified our funding, raising or refinancing over £2bn of facilities during the year.”

Together has also continued to develop its sustainability strategy, recognising the importance of the group’s environmental and social responsibilities.

This included engaging a leading energy consultancy to support its net-zero ambitions, beginning a trial to provide solutions for customers to reduce carbon emissions from their properties, and launching its EPC Hub to offer advice for landlords and homeowners.

Together has financed homes for an estimated 2,477 vulnerable adults, low income families, homeless people, refugees and children, while donating more than £1million to chosen charities throughout the year.

In addition the lender signed the Race at Work Charter, joined the Business Disability Forum and became age accredited by 55/Redefined, which supports businesses on age inclusivity. Women now fill 30% of the Group’s senior roles.

At the same time, the group increased its support for its customers and made “good progress in delivering our strategic priorities and shaping our business for a sustainable future,” said Mr Grimes.

He added: “As high street lenders retrench from more complex cases, we expect many more individuals and businesses to look to specialists to support opportunities.

With a clear purpose, a proven and well-funded business model and a successful multi-cycle track record, Together will continue to be there to help underserved customers solve problems and realise opportunities, as we have been for the last 50 years.”