In a note to brokers, Caroline Luxmore, chief commercial officer at Ashman Bank, thanked brokers for their “continued patience”, adding that she knew that they were “as keen to start working with Ashman as we are to start lending”.
She continued: “Unfortunately, we have taken the difficult decision to delay our launch to market. Rest assured, it is still our intention to launch, and you will be among the first to know when we can confirm that all important date.”
Luxmore said that if brokers wanted more information they could reach out to their relationship manager to discuss details.
“I wish someone had told me how difficult building a bank would be, I wish I had had a crystal ball that could have predicted pandemics, war, cost of living crisis, 14 interest rate rises. Have I lost the faith? Absolutely not.
“Here at Ashman, we are looking forward to starting the journey of providing SMEs with finance that meets their needs and provides an efficient and dedicated service, and we hope to enter the market very soon,” she added.
Ashman Bank received its banking license in June last year, and has since hired Matt Cowan as chief financial officer and Simon Procter and head of credit risk. It has also hired Neil Molyneux as senior relationship director.
‘Ashman remains committed to transforming expectations’
The firm aims to be a new entrant to the market offering real estate lending to small and medium sized business and offers savings to consumers.
The company also won a £200,000 Green Home Finance Accelerator grant earlier this year to support the UK government’s net zero target and help homeowners decarbonise the properties. Ashman said it would use this to develop a one of a kind buy-to-let solution.
A spokesperson from Ashman Bank said: “Ashman has taken the strategic decision to delay its launch as it continues discussions with multiple investors to close the requirements for its Series B capital raise.
“Ashman remains committed to its purpose to transform what property entrepreneurs and conscientious savers can expect from a bank and we continue to be focused on launching later in the year.”
They added: “The executive team are hugely proud of everything Ashman’s talented people have achieved to date. We have built a fantastic new operating platform designed to do better for the industry and customers.
“We are grateful for the commitment and support that we have received from our partners as we work towards new launch timings with a full-strength team to take Ashman to the next phase.”
