Boost for UK SMEs as WeDo secures £50m in funding
WeDo Business Services has secured £50m in funding which will enable it to significantly expand its support of small and medium-sized companies across the UK.
The funding is provided by alternative investment manager Waterfall Asset Management and will be used to help WeDo bolster the growth of its SME customer base through a range of finance facilities.
The WeDo group has its headquarters in Greater Manchester and additional offices nationwide. It provides invoice and trade finance, asset finance, loans and start-up funding to a growing client base, as well as accountancy, HR, back-office and IT services.
WeDo was founded by Mark Lindsay and Chris Robinson in 2019 with just four staff and has grown rapidly through organic expansion and acquisition. It currently has over 70 staff across its Oldham headquarters and its network of offices.
Its overall lending now exceeds £50m, and chief executive Mark said Waterfall’s funding would enable it to achieve significant growth as it aims to reach £100m within the next three years.
WeDo’s nationwide client base spans a range of sectors, including recruitment, engineering, manufacturing, logistics and wholesale distribution.
Mark said: “This significant investment is a vote of confidence in our business and will help us to exponentially grow our ability to provide support to SMEs from across our finance divisions.
“We share a desire to establish a long-term relationship with the goal of helping more SMEs to succeed in building sustainable businesses for the future, by alleviating their cashflow constraints and enabling them to invest for future growth.
“WeDo has a strong track record of supporting the northern economy by offering finance to companies across the region and this will continue, as well as enabling us to significantly expand our geographical reach.
“There is increasing demand for the type of lending and support services we provide, reflected in a record month for new client wins in the first quarter of this year.
“We understand the challenges of growing a business from a new start, and we want to help others to do the same. It can be lonely as a business owner, and we provide a support network to ensure the wellbeing of themselves and their companies.”
James Cuby, managing director at Waterfall, said: “WeDo provides a comprehensive funding solution and support services to SMEs across the UK and has an experienced management team who are committed to supporting the growth of the businesses they fund.
“We are pleased to support WeDo’s expansion plans and look forward to a successful relationship.”
