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‘Northern Powerhouse’ Challenger Bank celebrates Warrington third birthday with lending in North West exceeding £100m

26/10/2020 09:00:00
Press release Our people Savings Loans
Despite the COVID-19 pandemic Redwood Bank’s Warrington based team has “braved the financial storm” and reached the momentous £100m lending milestone just before its third anniversary.
Located at The Base in Dallam Lane, the Challenger Bank officially opened its doors on October 23, 2017.
 
Since then, staff have successfully navigated the threat of Brexit and the global coronavirus crisis, two major events which have significantly impacted the financial landscape.
 
Despite the COVID-19 pandemic Redwood Bank has continued to lend and in the last three years has advanced £103m to businesses and professional landlords in Warrington and across the North West.
 
Over the course of the lockdown, Redwood has chosen not to furlough any staff and instead, has continued to recruit. In addition, due to its innovative cloud-based infrastructure, the transition between moving from the office to working from home has been seamless for all employees.
 

Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said:

“The last three years have certainly been eventful, but our committed, talented and dedicated staff have braved the most recent financial storm. “Together, we’ve created our own Northern Powerhouse as we’ve proven that we remain strong no matter what is thrown at us. It’s hugely rewarding to look back and see just how far we’ve come, continuing to lend during a pandemic, which further shows how passionate we are about supporting North-West based businesses.”


Since its 2017 inception, Redwood Bank has tripled its workforce, scooped 21 awards and attracted more than 4,000 customers, has lent £300m and currently holds deposits of £335m.
 
Redwood Bank was launched to offer secured SME lending products to owner-occupied businesses, as well as to experienced commercial and residential property investors.



Notes to editors
For further details contact Laura Pearce at Strand PR on [email protected] or 01763 274674 / 07903 106405.  
 
  • Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunities and also offers competitive business savings accounts. Redwood Bank was founded by Jonathan Rowland and Gary Wilkinson. It has a unique private-public ownership structure in which Warrington Borough Council has a one-third stake.