Strategic Move into Bridge Finance
Allica Bank, renowned for its focus on business clients, has made a bold move by acquiring bridging lender Tuscan Capital. This acquisition not only marks Allica’s entry into the bridge finance market but also signifies a substantial expansion of its financial services for business customers.
Integration of Tuscan Capital
Tuscan Capital, a UK-based specialist in bridging finance, will be seamlessly integrated into Allica’s operations. Consequently, the Tuscan team will gain access to Allica’s extensive funding base and distribution network. This integration allows Allica to leverage Tuscan’s bridging finance expertise and established broker network, thereby enhancing its service offerings.
Leadership and Expanded Offerings
To lead its new bridging finance services, Allica has appointed Justin Trowse as Head of Bridging. This appointment not only strengthens Allica’s leadership in the sector but also supports its broader strategy to incorporate both refurbishment and bridging finance into its portfolio. Furthermore, Tuscan’s focus on residential bridging will now extend to include commercial, semi-commercial, and full commercial bridges. As a result, Allica’s service range will significantly broaden.
Founders’ Perspective
Tuscan Capital, founded in 2018 by Colin Sanders, former CEO of Omni, and Ed Parsons, former Chief Financial Director, was designed to address inefficiencies in the bridging market by emphasizing speed and decisiveness. Colin Sanders expressed enthusiasm about the acquisition, stating, “Ed and I founded Tuscan to improve what we saw as a flawed bridging market. Allica’s straightforward banking approach aligns perfectly with our vision.”
He further added, “This development is exciting not only for the Tuscan team and our intermediary partners but also for the broader SME community. Joining a prestigious bank like Allica will accelerate our progress and amplify our impact in the market.”
Allica Bank’s Vision
Nick Baker, Allica Bank’s Chief Commercial Officer, highlighted the synergy between the two companies, noting, “Tuscan’s commitment to service, speed, and transparency aligns with Allica’s values. Commercial bridging represents a significant yet under-served segment of the lending market. By combining Tuscan’s experience and connections with Allica’s resources and networks, we aim to effectively serve this market.”
Through this acquisition, Allica Bank not only strengthens its position in the bridge finance sector but also supports its growth strategy in the UK, offering comprehensive financial solutions to businesses.