Have you ever wondered what happens to your savings once you’ve deposited them?
If you’ve chosen to save with Close Brothers Savings, the answer is that your money is being put to very good use, helping businesses across the UK to grow.
Helping people and businesses in the UK thrive over the long term
Close Brothers Savings is just one part of the whole Close Brothers Group, with other parts of the business offering lending and customer finance.
So when customers deposit with us, we can use those funds to help the other divisions to lend.
It means that more and more UK companies are benefitting from Close Brothers’ support to develop, improve their infrastructure, invest in new equipment, hire new people, offer finance to their own customers and much more.
Supporting sustainable growth
By taking a responsible, prudent and sustainable approach, our lending to SMEs and individuals in the UK and Ireland has more than tripled over the last 10 years and now stands at over £7 billion*.
Our robust financial position, strong profitability and high credit ratings ensure we can continue to support UK businesses.
It also reflects our commitment to the long term, so all of our customers can save with confidence.
Our case studies
So, while you can depend on our strong credit ratings and established business model to take care of your savings for the long term, your funds are also working very hard to strengthen UK business at home.
Take a look at these highlights from our case studies to learn more:
Bromford Iron & Steel has a history dating back to 1610 and is one of only a few traditional steel manufacturers left in the Black Country.
Close Brothers was selected from seven competitors to help improve cash flow and an additional investment in technology and skills training helped to secure the company’s future.
Martyn Coles, Financial Director said: “With the traditional banks it tends to be very fixed rules, not taking into account the day to day requirements of the business. If I’ve got a small issue, I can ring Close Brothers up, ask them for a little bit more funding for a few days and they can give me a bit more flexibility.
“We’ve been through a very difficult period. Knowing that Close Brothers’ support has been there, it’s given me a lot more confidence to say that Bromford Iron & Steel will continue well into the future.”
GlenWyvis Distillery represents farm owner John McKenzie’s vision to regenerate the town of Dingwall and create the UK’s (and indeed the world’s) first community owned whisky distillery.
With whisky needing at least eight years in a barrel or cask before it’s ready, John and Finance Director Hazel Allen anticipated big problems in securing finance to get this non-traditional start-up off the ground.
Despite the long wait for profitability, Close Brothers was prepared to provide lease finance over a longer term, due to specialist knowledge of their business model.
John explains: “Close Brothers had this real, non-traditional way of understanding the equipment; they knew exactly what we were trying to achieve with some soft-start lending that would get us to our production of whisky in years to come. So, it really was a very tailored, specialised lending package.”
Since launching in 2015, eve Sleep has complemented its ‘perfect start’ mattress with 0% finance from Close Brothers. "Rocketship” growth has seen the company go from just 10 people in a basement to 80 people in two UK offices.
Director of ATL Marketing and CRO Nick Pendle explains: “0% finance was a fantastic addition and really opened up the offer. The fact that Close Brothers has such a good reputation for working with customers and not having catches in the process was really important.”
Close Brothers built bespoke, branded web tools so eve Sleep customers seeking finance have a seamless experience. We also provided insightful data to inform the marketing process. Nick adds:
“Being able to work with your financing partner, get feedback on who your customer is, how that changes month on month and connect that to other areas of the business, such as your marketing teams, to really understand the whole picture, is crucial.”
*Close Brothers Group plc Annual Report 2017