The change comes after Platform Black’s owners, GLI Finance, conducted a strategic review which looked to simplify its structure.
The review saw the transfer of holdings in Platform Black to the newly formed Sancus BMS Group and will bring together a select number of niche alternative finance businesses with the Sancus BMS Group specialising in financing SMEs.
Caroline Langron, managing director of Sancus Finance, said this showed robust support for Platform Black.
“With a change of ownership to Sancus BMS Group and access to a £50m funding line, the business is now positioned to drive further significant growth and enhance our service to our funders and clients.
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“We’re now in a position where we have an increased capability to fund the increasing demand we are experiencing from UK businesses looking for flexible and competitive sources of finance.
“Being part of a larger group brings many benefits to our clients as we will be able to draw on other resources to deliver a more rounded solution to meet our clients’ financing requirements.”
Since forming, Sancus BMS Group has provided total funding in excess of £570m to its clients.
Andy Whelan, CEO of GLI, said the Sancus BMS Group would continue to be a leading player in the rapidly growing alternative finance sector.
“By creating Sancus BMS, the group now provides a comprehensive offering to funders and clients to meet their financial needs.
“We take seriously the need to meet the expectations of our stakeholders and we continue to focus on enhancing our service offering to ensure we deliver a pragmatic, value-a