Recognise Bank simplifies structure after parent company delists

This follows the announcement that the bank had obtained £25m in funding to support its lending as well as the development of new products and technology. 

A spokesperson for Recognise Bank said its parent company used to have a number of firms under it, but many had been sold including Milton Homes. 

This left Recognise Bank as the only asset of the City of London Group, which meant the company had multiple boards and executive committees despite overseeing one firm. 

The decision was therefore taken to cancel the shares so Recognise Bank becomes a standalone privately-owned company. 

The spokesperson said this would make the bank more streamlined and focused on its proposition. 

No changes have been made to the management team or employee structure at Recognise Bank. 

Recognise Bank launched in 2021 and, as of December 2022, had lent £112m in commercial lending and £117m in business savings. 

The bank offers commercial, bridging and unregulated loans. 

Nicola Clark and Simon Monks from Azets, a specialist local accountants and business advisory group, will support Recognise Bank with its corporate simplification strategy. 

Jean Murphy (pictured), CEO of Recognise Bank, said: “We are pleased to announce the delisting of our parent company, which simplifies the bank’s structure, making it more streamlined and efficient. This will support the delivery of our strategy to create new services and products for all our customers.”