Praetura in £36m boost13/09/2016
Congratulations to Mike Hartley, Managing Director of Praetura Asset Finance Ltd - British Business Bank Investments Ltd, the commercial arm of the British Business Bank, has announced an £18 million investment in Blackburn and Manchester-based Praetura Asset Finance. The investment, comprising £15 million of matched funding and an additional £3 million of expansion capital, will support at least £36 million of smaller business finance. This is the first British Business Bank Investments Ltd transaction to combine matched and unmatched funding in this way.
Praetura Asset Finance is a fast growing asset-based finance, hire purchase, finance leasing and refinancing funder, offering facilities of between £10k and £2 million to businesses across a variety of sectors, including construction and plant, engineering, printing, transport, waste and recycling, and agriculture.
Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, said, “British Business Bank’s recent Small Business Finance Markets Report indicated strong growth in asset finance volumes over the last two years, and we see asset finance as an important option for smaller businesses looking to realise their growth potential.
“We are keen to support the growing demand for this type of finance and are pleased to be making this investment in Praetura Asset Finance. By supporting relative newcomers to the market – Praetura was established in 2014 – we are actively increasing lending choices for smaller businesses across the UK.”
Mike Hartley, Managing Director of Praetura Asset Finance Ltd, said, “We are delighted at Praetura to be partnering with British Business Bank Investments Ltd. The syndication of our senior debt, alongside the expansion capital facility, provides us with real stability to support our continued growth.
“Like our other institutional funders, British Business Bank Investments Ltd shares our aim of providing suitable and targeted finance solutions for SMEs. These facilities will help meet the objectives of both parties, and to secure Praetura’s market position in the coming years.”
Simon Goldie, Head of Asset Finance at the Finance and Leasing Association, added, “This latest announcement shows the increasing prominence of asset finance in small business funding. We welcome this new investment, which will enable another FLA member firm, Praetura Asset Finance, to help even more firms grow and prosper in the UK economy.”