British Business Bank Investments agrees £25 million facility with Haydock Finance
Facility will allow Blackburn-based Haydock Finance Ltd to grow its asset finance division, which has already funded over 2,000 smaller businesses.
British Business Bank Investments Limited, the commercial arm of the British Business Bank, today announces that it has agreed to provide a £25 million facility to Haydock Finance Ltd, one of the largest independent leasing companies in the UK.
The three-year funding commitment is structured as a block discounting facility and is part of the Bank’s Investment Programme, which has now committed a total of £110 million to asset finance companies. The programme forms a key part of the Bank’s efforts to increase the diversity and supply of finance for small businesses.
The facility will help Blackburn-based Haydock grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
Haydock specialises in financing hard assets, including buses, coaches and mini-buses, heavy and light commercial vehicles, industrial plant and machinery as well as other asset types. It has over £85 million of gross receivables and over 2,000 small business customers from across the UK.
Peter Wilson, CEO of British Business Bank Investments Limited, said:
“Asset finance is crucial for small businesses looking to invest and grow. This facility is fully in line with our aim to increase the diversity and supply of finance for small businesses. Haydock has a proven track record and we are confident that this facility will grow its asset finance division, helping businesses across the UK to secure the assets they need to grow.”
Steve Worrall, Haydock Managing Director, said:
“As an independent company celebrating our 35th anniversary year, the additional £25m of funding from the British Business Bank will enable Haydock to continue to grow our asset finance portfolio, with particular focus on assisting SMEs with business critical assets. We value the Bank’s flexible approach in embracing our business model and aspirations, and providing an advantageous platform for our Blackburn-based team of 38 to achieve our strategic plans and objectives.”
Leasing finance and asset finance are increasingly important sources of finance for small and medium-sized enterprises. The British Business Bank’s Small Business Finance Markets Report 2015/16, published in February this year, found that asset finance is a widely used and growing form of external finance for smaller businesses seeking to invest in their business
For further information:
Scott Shearer, British Business Bank
Tom Nutt, Seven Hills
020 7199 6185
Steve Worrall, Managing Director, Haydock Finance Ltd
Notes to editors
About British Business Bank Investments Limited
British Business Bank Investments Limited is the commercial arm of the British Business Bank. It aims to earn a commercial return by investing through providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
British Business Bank Investments Limited is a wholly owned subsidiary of British Business Bank plc, the UK government’s economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The British Business Bank published its second Small Business Finance Markets Report earlier this month – an in-depth analysis of the finance environment for UK smaller businesses.
About Haydock Finance Ltd
Established in 1980, Haydock Finance Ltd is one of the largest independent finance companies in the UK, reporting a credible net worth in excess of £13.5million in the 2015 accounts.
The Asset Finance division provides credit facilities to business users for the finance of standard saleable assets, with opportunities introduced to their office in Blackburn through a small selected panel of approved finance brokers. The Company provides an efficient and personalised level of service to its brokers and customers whilst maintaining a high level of knowledge and expertise in terms of underwriting and collections.
With gross receivables in excess of £85million, Haydock retains an enviable position in their chosen markets and is very much “open for business” for hire purchase, leasing and refinance proposals for business assets. These include buses, coaches, industrial plant & machinery, trucks, trailers, commercial vehicles, cranes, forestry / agricultural equipment, machine tools and renewables.
Haydock is regulated by the Financial Conduct Authority (FCA), is a patron member of the National Association of Commercial Finance Brokers (NACFB), a member of the Finance & Leasing Association (FLA) and is an authorised representative of Secure Trust Bank PLC.