Leading asset-based lender doubles funding to UK businesses since Wells Fargo acquisition
LONDON, U.K., 28 October, 2014 – Burdale Financial Limited (Burdale), a Wells Fargo company (NYSE: WFC), announced today that it will adopt the trade name Wells Fargo Capital Finance. Wells Fargo Capital Finance is a leader in asset-based finance in the U.S., and acquired Burdale in February 2012. Wells Fargo’s ownership has helped Burdale increase their earning assets by 167%, double their client base, expand the team by 40%, and increase its product offerings and activities. The Burdale acquisition also enabled Wells Fargo Capital Finance to successfully launch its technology finance product in the UK in 2013.
"Since Burdale was acquired we have enjoyed tremendous growth: doubling the number of clients we support, and more than doubling the amount of capital we provide to clients," said Steven Chait, managing director and head of Burdale."As a 22 year veteran of Burdale, I am extremely pleased with the support that Wells Fargo has brought to the U.K. market. Our business is stronger than ever and our commitment to delivering financial solutions to help our clients succeed financially has and always will remain our number one priority."
Burdale, established in 1992, provides comprehensive asset-based finance to a wide spectrum of companies across the U.K. With offices in London, Birmingham and Manchester, Burdale offers flexible financing options starting at £10 million for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions.
"The Burdale acquisition helped expand our presence in Europe, allowing us to support the cross-border financial needs of our North American clients in addition to supporting our European based clients,” said Guy Fuchs, head of the Corporate Finance Group within Wells Fargo Capital Finance. “We look forward to further leveraging the Burdale team’s cross-border lending expertise under the Wells Fargo Capital Finance name, helping even more clients tap into their foreign operations to fund growth."
About Wells Fargo Capital Finance Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialised senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Burdale Financial Limited Burdale Financial Limited, a Wells Fargo Company, provides comprehensive asset-based lending to a wide spectrum of companies across the U.K. with credit needs ranging from £10 million upwards. Established in 1992 and with offices in London, Birmingham and Manchester, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions. .
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
Wells Fargo Capital Finance is the trade name for certain asset-based lending services of Burdale Financial Limited (Burdale). Burdale is a wholly-owned indirect subsidiary of Wells Fargo Bank, National Association (WFBNA). WFBNA is subject to regulation by the Financial Conduct Authority in the UK and limited regulation by the Prudential Regulation Authority. Burdale is a private limited company incorporated under the laws of England and Wales with its head office and registered office at 5th Floor, Bow Bells House, 1 Bread Street, London, EC4M 9BE. Burdale is registered with the UK’s Companies House under company number 02656007.
Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.