The business behind Liberty Steel has launched a financial services arm aimed at providing working capital for UK and international companies.
GFG Alliance said Wyelands Capital will be an “industry friendly” institution to make a big difference to the growth prospects of British industry.
The move follows the acquisition of Wyelands Bank last year by Sanjeev Gupta, executive chairman of GFG Alliance.
Jay Hambro, chief executive of Wyelands Capital and chief investment officer of the GFG Alliance, said: “Wyelands Bank is already filling a very important gap in the market for working capital solutions.
“Through Wyelands Capital, the GFG Alliance is determined to engage the best and most experienced figures from the financial services sector, in order to establish a powerful presence in the financial services market and make a real difference to the growth prospects of industry in the UK and globally.”
Paul Sharma, former deputy head of the Prudential Regulatory Authority, has been appointed to the advisory board of Wyelands Capital.