Dennis Levine

2022 Inductee, Bantry Bay

Dennis is a founding partner and managing director of Bantry Bay, a UK-based specialist lender providing commercially driven and creative debt capital solutions to corporates undergoing change. The firm is a joint venture partnership with the fund manager, Elliott Advisors.

   Prior to Bantry Bay, Dennis founded Burdale in 1992 and served as chairman and CEO until 2012. During this time, he pioneered the asset-based lending market in the UK and built a substantial presence in the US, ultimately selling the business to Wells Fargo. 

   Prior to founding Burdale, he established and later listed a trade finance business on the London Stock Exchange. Dennis was also instrumental in the development of a UK- based property bridging finance company and financial advisory firm. 

  Dennis began his career at Arthur Andersen in South Africa and qualified as a chartered accountant CA(SA). He holds a Bachelor of Commerce degree from the University of Witwatersrand in Johannesburg.

  Amongst his involvement with other charities, Dennis also founded and was chairman of a UK charity, dedicated to the rehabilitation and wellbeing of injured Israeli soldiers. 

What are some of the most memorable moments of your career? 

After 35+ years in corporate lending it would be very hard to have to single out specific moments! For me, the most memorable and treasured times are all connected to the people I have met and have had the pleasure of working with. In particular, I am pleased how many have over time become good personal friends. They include people from many different backgrounds, full of stimulating ideas with vast knowledge that we all mutually benefit from.

What professional achievement are you most proud of?

I am particularly proud of the good reputation that Burdale and my current business Bantry Bay have achieved in the UK and US, and the numerous noteworthy and complex transactions that we have completed. Everything I have achieved professionally I couldn’t have done alone. In addition to support from my colleagues in the UK I would like to specifically mention Dave Grende, who was instrumental to Burdale’s success in the US. There are of course many others, all integral to the success we have enjoyed over a few decades. 

What role did SFNet, its events and connections play in your career development?

SFNet and the connections I’ve made have been instrumental in developing my career, both in Europe and the US. The SFNet events, in particular the conferences, have created excellent opportunities for networking. The publications and the news that SFNet distributes have always kept me abreast of the developments in the industry. The knowledge gained and exposure gained by meeting peers, colleagues and other industry professionals have been vital in enabling me to develop our asset-based lending business in the UK. 

How did you get your start in the industry?

That was a long time ago! In the early to mid-nineties, I was managing a trade finance business in the UK. At the time I became aware of the existence of ‘comprehensive’ asset-based lending, which was much broader than receivables lending practised in the UK at that time. I took considerable interest in the methodology and how the market had developed in the US and began to think of how to do the same in the UK. 

While on holiday in New York, I asked a friend and client of Congress Financial to introduce me to the company. A meeting was soon arranged with Bob Goldman, then chief executive of Congress Financial.

By coincidence Congress were actively looking at expanding to the UK. Bob was due to travel to London the following week to meet a potential receivable financing acquisition target. Due to my knowledge of trade finance, I was able to convince Bob that it was possible to fund inventory in the UK notwithstanding the common belief that retention of title legislation made funding inventory impossible. Congress subsequently acquired 80% of Burdale. 

Interestingly enough, a fellow inductee to the SFNet Hall of Fame this year, Mark Fagnani, led the due diligence process on behalf of Congress.