TSL Express Daily News

Entrepreneur Andy Tait and Texas-based Sallyport Commercial Finance LLC have partnered to launch a commercial lender in Scotland that will back small businesses and provide vital cashflow support.

Sallyport Commercial Finance will be based on St Vincent Place in Glasgow and will target companies turning over up to £10 million.

Mr Tait launched the Scottish arm of Bibby Financial Services in 1999 and most recently, he served as chief executive at GreenAcres Cemeteries & Ceremonial Parks, having led a private equity-backed management buyout.

Now, Mr Tait is launching Sallyport Commercial Finance with fellow directors Joanna Cashmore and Kirsty Neely – who join from Bibby and Sonovate respectively – along with senior executives Allan Dempsie and Michelle Carroll. The team has over 70 years of sector experience between them.

Sallyport Commercial Finance will provide working capital solutions to SMEs to assist with their cash flow.

Sectors being targeted by the lender include haulage, manufacturing, and recruitment but any business-to-business operators can benefit from this service.

Mr Tait said: “The cost of trading crisis is really taking its toll on Scottish businesses, with sky-high energy prices and coronavirus support repayments causing headaches for entrepreneurs.

“Sallyport Commercial Finance will offer an alternative to traditional lending provided by the high-street banks, with an experienced, more personalised and local service.

“Having built businesses in Scotland and other parts of the UK, I understand the pressure that the owners of small companies are feeling.

“Invoice Finance can be a great option for many businesses to free-up working capital and boost their cash flow.”

Sallyport Investments is a family office founded by Doug Foshee in 2012 to provide capital and leadership to early-stage companies, with a primary focus in the energy industry.

Sallyport Commercial Finance’s North American arm, which provides working capital funding solutions to businesses in the United States and Canada, is led by Mr Tait’s contemporaries, Nick Hart and Emma Hart.

Mr Hart served as managing director of Bibby Financial Services California, having worked previously as managing director of Bibby Factors Yorkshire and Bibby Factors North East. Mr and Mrs Hart partnered with Sallyport Investments to launch Sallyport Commercial Finance in the United States expanding into Canada in 2019.

Mr Tait added: “Having worked with Nick and Emma in the past, we are all very excited to launch Sallyport Commercial Finance in the UK with an investor who really understands the sector and the challenges facing small businesses today.

“Sallyport Commercial Finance already has a strong reputation in North America for helping small and medium sized businesses and their owners become successful and I’m proud to bring the brand into Scotland.

“We can help companies make their assets work harder for them, providing the cash they need to trade effectively and fuel further growth.

“Challenging times also create opportunities for Entrepreneurial Owners and businesses. We see increasing numbers of businesses looking to North America to sell products and services rather than Europe presently and a trusted experienced finance partner like Sallyport Commercial Finance can help make them become a success at home and abroad.”