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Close Brothers Review

Close Brothers is a specialist UK merchant banking group founded in 1878, listed on the FTSE 250. Through its Commercial Finance division, Close Brothers provides asset finance, invoice finance, and business loans to UK SMEs and mid-market companies across a wide range of sectors. The group is one of the UK's largest independent merchant banks and is backed by significant capital resources, offering stability and long-term lending relationships.

Written by the Lendus editorial team. Last updated: April 2026.

200+ UK lenders
2-minute application
No credit check to apply
FCA-regulated brokers

Amount

£10k – £5M

Rates

5% – 18%

per annum

Speed

Within 3–5 working days

Trustpilot

3.5/5

500 reviews

What is Close Brothers?

Close Brothers (Close Brothers Limited) is a UK-based business finance provider founded in 1878 and headquartered in London. Close Brothers is a specialist UK merchant banking group founded in 1878, listed on the FTSE 250. Through its Commercial Finance division, Close Brothers provides asset finance, invoice finance, and business loans to UK SMEs and mid-market companies across a wide range of sectors. The group is one of the UK's largest independent merchant banks and is backed by significant capital resources, offering stability and long-term lending relationships. They have lent £10 billion to date, helping 100,000+ UK businesses.

Founded 1878 London Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA reference number 124750.

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Products offered

Asset Finance Business Loans Invoice Finance

Rates and costs

Rate range
5% – 18% (per annum)
Representative APR
9.9% APR representative
Amount range
£10,000 – £5,000,000
Approval speed
Within 3–5 working days

Representative example

Borrow £100,000 over 36 months. Total repayable: £114,000. Cost of credit: £14,000. Your rate depends on your circumstances.

Eligibility requirements

Minimum trading history
24+ months
Minimum turnover
£250,000
Credit requirements
Good credit required for standard products. Asset finance secured against the financed asset. Full financial accounts typically required.

How to apply

1

Check eligibility through Lendus — answer a few questions about your business and funding needs (2 minutes)

2

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3

Review your matched options — see rates, terms, and eligibility from multiple providers including Close Brothers

4

Choose the best offer and complete the application with your matched lender directly

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Pros and cons

Pros

  • FTSE 250 bank with over 145 years of lending history
  • Specialist sector teams with deep industry expertise
  • Large facility sizes up to £5 million suitable for mid-market
  • Full suite of asset finance, invoice finance, and business loans

Cons

  • Slower process than fintech lenders — typically 3–5 days minimum
  • Requires 2 years of full financial accounts
  • Minimum £250k turnover excludes most micro businesses
  • Trustpilot score lower than most fintech alternatives

Is Close Brothers right for you?

Best for

Established mid-market businesses needing large asset finance facilities or invoice finance backed by a regulated bank with deep sector knowledge

Not ideal for

Startups, businesses under 2 years old, or borrowers needing quick access to small amounts of working capital

Close Brothers alternatives

If Close Brothers isn't the right fit, consider these alternatives:

Lombard Nucleus Commercial Finance Funding Circle Fleximize

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Frequently asked questions about Close Brothers

Is Close Brothers legit?
Yes, Close Brothers is one of the UK's most established and regulated financial institutions. Founded in 1878, Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by both the FCA and PRA (FCA reference 124750). The group is listed on the London Stock Exchange as a FTSE 250 company, making it one of the most well-capitalised and transparent lenders available to UK businesses.
What are Close Brothers interest rates?
Close Brothers asset finance and business loan rates typically range from around 5% to 18% per annum depending on the product, deal size, and risk profile. Their representative APR on asset finance products is around 9.9%. Rates are often more competitive than fintech alternatives for larger, established businesses with strong financials, particularly on secured asset finance deals.
Can I get a Close Brothers loan with bad credit?
Close Brothers is a traditional merchant bank and applies more conservative credit criteria than alternative fintech lenders. Asset finance products are secured against the asset itself, so credit requirements may be more flexible for hire purchase. For unsecured business loans, a strong credit profile and 2 years of filed accounts are typically required. Businesses with recent adverse credit history are unlikely to meet standard criteria.
How much can I borrow from Close Brothers?
Close Brothers facilities range from approximately £10,000 to £5,000,000 or more, depending on the product and business profile. Asset finance deals are sized against the value of the asset being financed. Invoice finance facilities scale with your debtor book. Businesses with turnover above £250,000 are best suited to their product range.
Is Close Brothers FCA regulated?
Yes, Close Brothers Limited is dual-regulated: authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority and the PRA. FCA reference number 124750. As a deposit-taking bank, Close Brothers is subject to the highest level of UK financial regulation, including capital adequacy requirements.
How long does Close Brothers take to approve a loan?
Close Brothers typically takes 3 to 5 working days for standard credit decisions, longer for complex or large deals. As a traditional lending institution, their process involves detailed financial review and specialist underwriting rather than automated approval. Applicants should allow at least a week from initial application to fund release for straightforward deals.
Can I repay a Close Brothers loan early?
Early repayment options vary by product at Close Brothers. Asset finance agreements typically allow early settlement but may include an early termination charge calculated on the outstanding balance. Business loan early repayment terms are set out in your facility agreement. It is advisable to request a settlement figure from your Close Brothers relationship manager before making any early payment.
Close Brothers vs Lombard — which is better for asset finance?
Both Close Brothers and Lombard are established UK asset finance providers, but they serve slightly different markets. Lombard (part of NatWest Group) has greater brand recognition and a longer track record in vehicle and equipment finance at scale. Close Brothers offers a broader product mix including invoice finance and has deep sector specialists across manufacturing, agriculture, and professional services. For pure asset finance, Lombard may offer more competitive rates for larger deals; Close Brothers may be preferable if you need multiple products from a single provider.

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