Business bank Allica has acquired bridging lender Tuscan Capital from Quilam Capital, representing Allica’s first foray into the bridging finance market.
The Tuscan team, based across the UK, will eventually integrate fully into the Allica team, benefitting from access to Allica’s funding base and award-winning distribution network. Allica, which has been steadily expanding its commercial finance offering for its established business customers, will be able to leverage Tuscan’s existing bridging expertise and broker network.
Tuscan Capital was founded in 2018 by Colin Sanders with backing from Quilam Capital. Colin was previously CEO of bridging and development lender Omni Capital/Fortwell Capital, and Ed Parsons, who also served as Tuscan’s Chief Financial Officer. Tuscan quickly saw success, being named Best Newcomer at the Bridging & Commercial Awards in 2019, and developing a reputation for service and speed.
Commenting on the acquisition, Colin said, “Ed and I set up Tuscan with a vision to transform what we saw as a broken bridging market, with a specific focus on bringing back speed and decisiveness to the decision-making process. Allica’s no-nonsense approach to banking shows they share this vision with us.
“This is a really positive development for the Tuscan team, our intermediary partners, and the wider SME community, and we look forward to the proposition enhancements that will undoubtedly follow today’s news. By becoming part of this award-winning bank, we will be able to accelerate the fantastic work our team has already done, and make an even greater difference to the market.”
“Commercial bridging is an important but underserved part of the lending market. That’s why we believe bringing together Tuscan’s expertise and existing relationships with Allica’s resources and network is a winning combination for the market.
“We look forward to sharing more about how we’ll be developing our bridging proposition in the coming weeks.”
Quilam Capital’s Partner Kieran McSweeney said, “We backed Colin and Ed from start up in 2018 and we are super proud of the business we built together. The sale to Allica represents a significant milestone for the business, and based on the positive discussions we have had with Richard and the Allica team we know the guys have found a good home to take the business forward for what will be an exciting journey ahead.”