Aldermore

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Aldermore Bank plc
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  • Lordsvale Finance plc (1969–1996)
  • Ruffler Bank plc (1996–2009)[1]
Company type
Public
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HeadquartersReading, Berkshire
Key people
Pat Butler (Chairman)
Raj Makanjee (CEO)
ProductsSavings

Mortgages

Business Finance
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ParentFirstRand
Websitealdermore.co.uk

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Aldermore Bank plc is a specialist bank which provides financial services to small and medium-sized businesses and personal customers. It was founded in 2009 and listed on the London Stock Exchange in March 2015. It was a constituent of the FTSE 250 Index until it was acquired by South African banking conglomerate FirstRand in March 2018.

History

Aldermore was established with backing from private equity company, AnaCap Financial Partners LLP, in early 2009.[3]

The acquisition of Ruffler Bank in May 2009 provided Aldermore with its banking licence and an asset finance business which was combined with the commercial mortgage business of Base Commercial Mortgages, a small mothballed operation.[4]

AnaCap purchased Cattles Invoice Finance, a factoring business, from Cattles PLC in 2009, and in 2010 the division became part of Aldermore.[5]

It raised £62 million of further investment from a consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System in August 2011,[6] and it received an additional capital investment from Centerbridge Partners when it issued a £36 million subordinated bond in May 2012.[7]

In 2012, the bank reached its first full year of profits in its third year of operations.[8]

Aldermore was recognised as a challenger bank by the media[9] and launched a successful initial public offering in March 2015,[3] with an opening market capitalisation of approximately £651 million.[10]

In October 2017, it was announced that Aldermore had agreed to be acquired by South African banking conglomerate FirstRand. The deal valued Aldermore at £1.1bn.[11]

In March 2026, Aldermore acquired a £465m portfolio of bridging finance loans and the associated capability from Octane Capital.[12]

Operations

Aldermore provides financial services to small and medium-sized businesses as well as personal customers.[13]

The bank offers business finance lending through a range of different propositions across the following areas: asset finance; invoice finance, and commercial real estate. The product can be tailored around a specific client's need and is originated through a team of specialist experts as well as via specialist brokers. Its lending activity is largely funded by the deposits it receives from business and personal savers.[14]

Aldermore is a digital bank and therefore has no branch network but serves customers and intermediary partners online and by phone. It has been recognised as one of the Top 10 Best Places to Work in the 'very big' organisation category by The Sunday Times.[15]

Raj Makanjee joined Aldermore as CEO in September 2025, having served 17 years with FirstRand, recently as Chief Digital Officer and CEO, FNB Retail and Private Banking. In September 2025, Louise Britnall replaced Ralph Coates as CFO, having been at Co-Operative Bank previously.[16]

The company's board has been chaired by Pat Butler since January 2018.[17]

Affiliations

Aldermore is the sponsor of the National Association of Commercial Finance Brokers (NACFB),[18] and a member of the Council of Mortgage Lenders.[19] Aldermore is a member of the following bodies: the British Bankers' Association,[20] the Finance and Leasing Association,[21] the Asset Based Finance Association,[22] the Council of Mortgage Lenders[23] and the Intermediary Mortgage Lenders Association.[24]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Aldermore Bank plc overview - Find and update company information - GOV.UK". Companies House. 10 February 1969. Retrieved 11 February 2024.
  2. ^ a b c Page Module:Citation/CS1/styles.css has no content."Annual Results 2025" (PDF). Aldermore. Retrieved 2 April 2026.
  3. ^ a b Page Module:Citation/CS1/styles.css has no content."Aldermore: How the bank formed in the depths of the crisis found success". The Telegraph. 15 March 2015. Retrieved 13 June 2015.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Cave, Andrew (30 July 2011). "Aldermore - a bank that loves to lend". The Daily Telegraph. Retrieved 29 April 2015.
  5. ^ Page Module:Citation/CS1/styles.css has no content."Cattles Invoice Finance rebranded for the second time in a year". Business Zone. 6 September 2010. Archived from the original on 26 February 2017. Retrieved 25 February 2017.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Goldman Sachs takes Aldermore stake". The Telegraph. 24 September 2011. Retrieved 13 June 2015.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Boost for new bank Aldermore as it clinches £36m fundraising". City AM. 14 May 2012. Retrieved 13 June 2015.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Croucher, Shane (31 July 2013). "Challenger Bank Aldermore Boosts SME and Consumer Lending by 60%". International Business Times. Retrieved 15 October 2015.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Grice, Andrew (12 September 2012). "Cable and Osborne on a Collision Course Over Small-Business Bank". London: The Independent (UK). Archived from the original on 12 September 2012. Retrieved 21 January 2013.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Partington, Richard (10 March 2015). "Aldermore Raises $340 Million in London Initial Public Offering". Bloomberg L.P. Retrieved 1 May 2015.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Aldermore agrees takeover by South Africa's FirstRand - BBC News". BBC.co.uk. 6 November 2017. Retrieved 13 January 2018.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Aldermore acquires bridging loan portfolio from Octane Capital". 2 April 2026.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Hurley, James (6 May 2012). "Aldermore - A Dads Army Bank For SMEs". London: The Telegraph. Retrieved 21 January 2013.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Hurley, James (6 May 2012). "Aldermore - A Dads Army Bank For SMEs". The Telegraph. Retrieved 3 February 2017.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Veolia, Aldermore and Vitality named on Sunday Times Best Places to Work list 2024". HR Now. 2 April 2026.{{cite web}}: CS1 maint: url-status (link)
  16. ^ Page Module:Citation/CS1/styles.css has no content."Aldermore announces leadership changes". 2 April 2026.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Board of Directors | Aldermore". www.investors.aldermore.co.uk. Retrieved 2 April 2026.
  18. ^ Page Module:Citation/CS1/styles.css has no content."NACFB - Working with Lenders". NACFB. Archived from the original on 24 October 2012. Retrieved 16 October 2012.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Directory of Members and Associates". Council of Mortgage Lenders. Archived from the original on 24 October 2012. Retrieved 16 October 2012.
  20. ^ BBA Members. Retrieved 14 February 2017
  21. ^ Directory Script error: No such module "webarchive".. Retrieved 14 February 2017.
  22. ^ List of Members Script error: No such module "webarchive".. Retrieved 14 February 2017.
  23. ^ Directory of members Script error: No such module "webarchive".. Retrieved 14 February 2017.
  24. ^ Members list. Retrieved 14 February 2017.

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