OakNorth Bank is a relatively new bank having obtained its licence in 2015. It specialises in SME lending to the ‘missing middle’. To date, the bank has lent £6.9bn, supported the building of 22,300 homes and assisted the creation of 31,600 jobs in the UK.
I joined the bank in 2020 and, in my role, I help assist borrowers who are struggling with their debt obligation. I joined in the middle of lockdown, so a lot of my work has been helping borrowers who have been adversely impacted by the pandemic, among them pubs, restaurants, hotels and the retailer sector. I specialise in trading businesses as opposed to property debt, so I get a good insight into multiple sectors of the economy, which is something I really enjoy.
Building a network of people is the most important thing in your career
Since starting with the bank, I have been working from home almost full time with limited time in the office. Because of this, my focus has really been making sure that I keep in contact with clients and other service providers. I feel it is easy to get lost or left behind working from home, so I believe it’s important to ensure that doesn’t happen.
For the year ahead I think inflation is causing particular concern for many borrowers, especially around energy prices. The price of raw materials across all sectors is increasing but, for some clients, especially in manufacturing, energy is their biggest headache. Across the board, I think the cost-of-living crisis is a huge fear for most people, in particular food and energy inflation, and is something the government can’t take its eye off.
The cost-of-living crisis is something the government can’t take its eye off
Despite the inflationary pressures, I think it is fair to say most borrowers I am dealing with are optimistic. Many have seen a return to their pre-pandemic trading levels, especially pubs and restaurants. During the pandemic many streamlined their businesses and addressed costs, so are perhaps in a better position now that they were pre-pandemic.
When I started my career in PwC, the partner at the time instilled in me the idea that building a network of people is the most important thing in your career. You can have the best business in the world, but you will always struggle if you do not have the right people around you helping and advising you both personally and professionally. That is a key piece of advice I have taken on board in my career.
