Launceston's FOLK2FOLK set to surpass pre-pandemic profit target

It’s always amazing when a local business meets a huge milestone, particularly when they work to support other businesses within the community.

The team at Launceston Life were delighted to hear that Launceston-based lender FOLK2FOLK is on course to surpass their pre-pandemic profit target for 2020, expecting to reach a £1-million profit, which is a significant achievement after their pre-tax profit of £198,000 for the previous year.

FOLK2FOLK, which is Launceston ‘born and bred’, has expanded its Broker team, helped to inject £400-million into businesses as well as received a great response to its Innovative Finance ISA, so there’s a lot for this team to celebrate!

FOLK2FOLK prides itself on helping other businesses and having a human-focused way of working. The team understands the trials and tribulations of starting and running a business, and take an empathetic, professional and realistic approach - providing a friendly source of finance for business owners navigating through this post-Brexit world also hit by a pandemic. This huge milestone is thought to have resulted from keeping their doors open during the pandemic and remaining supportive, for borrowers and investors alike. Roy Warren, FOLK2FOLK managing director, said: “We helped other businesses stay afloat, and made a profit ourselves by doing so. We take a very human approach and I think that shone through particularly brightly last year and stood us in very good stead.

“We’re excited by the buzz and momentum we’re feeling within our business. Our consistent performance enables us to stand tall, and our strong cashflow position enables us to invest in our own future growth.”

FOLK2FOLK injected around £60-million into SMEs during 2020, enabling hundreds of small businesses across a variety of sectors to grow, diversify or adapt to the new Covid-19 environment. The company delivered around £12-million in gross interest payments to its investors, who typically earn a 6.5% p.a. interest rate. The audit of the accounts is expected to be complete at the end of April, with full audited accounts available via Companies House.

Do you have some positive business news to share? Get in touch with us by emailing rosie@launcestonlife.com to tell us about what your business has achieved!

Launceston Life Magazine

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