REG - Shawbrook Group PLC - Acquisition of ThinCats Group Limited

BAE SystemsAnnouncement

02/09/2025 08:15

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RNS Number : 5545X  Shawbrook Group PLC  02 September 2025

 

 Shawbrook Group plc - Shawbrook to acquire ThinCats Group Limited

 Shawbrook Group plc (the 'Group' or 'Shawbrook') today announces that an
 agreement has been signed to acquire ThinCats Group Limited ('ThinCats'), a
 leading specialist lender with a strong track record in providing bespoke
 funding to established, growth-focused SMEs.

 The acquisition of ThinCats represents a strategic investment in accelerating
 the growth of Shawbrook's existing presence in the specialist SME lending
 market, underlining the Group's commitment to supporting UK SMEs with highly
 tailored finance facilities and relationship-led service.

 ThinCats has an established market position, proven origination capabilities
 and a technology-enabled business model that is strategically aligned to
 Shawbrook's. On completion, the ThinCats brand will operate as part of the
 Group's portfolio of brands, continuing to support owner-managed and
 sponsor-backed businesses with funding for event-driven needs.

 ThinCats operates a streamlined tech-stack that complements Shawbrook's
 technology infrastructure and platform. ThinCats also benefits from an
 established distribution network and strong origination capabilities,
 delivered by an experienced team with deep expertise in each of its target SME
 segments.

 Shawbrook's SME lending business supports ambitious growth-focused and
 established businesses with a targeted range of bespoke solutions to meet
 their specific and often complex funding needs. The SME segment accounted for
 c.21%(1) of the Group's total loan book as at 30 June 2025 and reported
 increased levels of activity across its markets, with both new lending and
 pipeline volumes exceeding those in the first half of 2024.

 On completion, the acquisition will include a projected loan book of c.£0.7
 billion with corresponding risk weighted assets of approximately c.£0.6
 billion. The transaction is expected to be earnings per share accretive in the
 first full financial year post completion, delivering a highly attractive
 return on invested capital(2).

 Completion of the acquisition is expected later in 2025.

 Marcelino Castrillo, Chief Executive Officer at Shawbrook, commented:
 "ThinCats is a leading UK FinTech with an excellent track record for
 delivering bespoke funding to growth-focused SMEs, whose owners, management
 teams and sponsors value speed, flexibility and certainty.

 ThinCats' approach is aligned to our own strategy of leveraging technology,
 credit excellence and an entrepreneurial culture to deliver a premium
 proposition to established UK SMEs.

 This acquisition will serve to further scale-up and deepen our presence in the
 very large and growing SME market. As part of the Shawbrook Group, the
 ThinCats proposition will benefit from our platform, including distribution
 channels, investment and funding structure, which will allow us to scale the
 brand more efficiently and serve even more UK SMEs with highly tailored
 funding solutions."

 Amany Attia, Chief Executive Officer at ThinCats, said:
 "Becoming part of Shawbrook represents an exciting step for ThinCats and a
 strong endorsement of our model, supporting established and growth-focused
 SMEs. Underpinned by the significant technology, data and capital resources of
 the wider Shawbrook Group, ThinCats will continue to offer the high levels of
 coverage, innovation, service, and ongoing borrower relationships that
 business owners, professional advisers and financial sponsors have come to
 expect."

 Footnotes:

 1.     Calculated on net loan book of £15.8 billion, which excludes the
 carrying amount of all structured asset sales derecognised through our
 originate to distribute strategy. The loan book when adjusted to add back in
 structured asset sales was £17.0 billion.
 2.     The transaction will give rise to an immaterial single digit £m
 goodwill, subject to finalisation of the accounting purchase price allocation
 work post completion.

 For investor enquiries, please contact:
 Murray Long
 Head of Investor Relations
 murray.long@shawbrook.co.uk (mailto:murray.long@shawbrook.co.uk)

 For media enquiries, please contact:

 Zander Swinburne

 Teneo

 shawbrook@teneo.com (mailto:shawbrook@teneo.com)

 About Shawbrook
 Shawbrook provides finance to a broad and diverse range of customer segments,
 each of which values the flexibility, speed and certainty we deliver.

 Shawbrook combines sophisticated underwriting, multi-channel distribution and
 next-generation technology and data capabilities to create a platform that
 delivers high-growth and high-returns while supporting our customers'
 ambitions.

 With a diversified product suite, we serve carefully selected Commercial and
 Retail markets, from complex structured credit facilities for growth-focused
 businesses to mortgages for professional landlords and property investors, as
 well as motor finance for high-end vehicles.

 The Group's lending activities are primarily funded by a stable retail deposit
 book consisting of easy access and ISA accounts, variable rate notice accounts
 and fixed rate fixed term accounts (typically one to five years).

 Shawbrook Bank Limited is an operating entity of Shawbrook Group plc.
 Shawbrook Bank Limited is authorised by the Prudential Regulation Authority
 and regulated by the Financial Conduct Authority and the Prudential Regulation
 Authority and is a member of the Financial Services Compensation Scheme.

 

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