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British Business Bank announces Haydock Finance as a new accredited partner for the Enterprise Finance Guarantee Asset Finance variant

Press release 22 November 2018

The British Business Bank today announces that it has accredited Blackburn-based Haydock Finance Ltd for the Asset Finance variant of the Bank’s Enterprise Finance Guarantee (EFG) programme. This will enable Haydock Finance to increase its supply of asset finance to smaller businesses that are working successfully but struggling to obtain the finance they need for future growth.

This accreditation follows the provision of a £25m block discounting facility from British Business Investments, a commercial arm of the Bank, to Haydock Finance in 2016. This facility helped grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.

At the British Business Bank, we want smaller businesses across the UK to be able to access the finance they need to grow and succeed. We are delighted to announce that Haydock Finance has been accredited as the latest partner under this variant of the programme, enabling the provision of additional asset finance, a vital funding option for smaller businesses looking to grow, expand, and create jobs. Having access to EFG to support critical investment in business assets provides a significant opportunity for many more viable smaller businesses to realise their ambitions. Jim McAuley Director, Guarantee & Wholesale Solutions, British Business Bank
As an independent company established in 1980, receiving accreditation for the EFG will enable Haydock to increase funding to viable businesses nationwide. We value the Bank’s flexible approach and having access to EFG will complement our business model and aspirations. It will provide Haydock with a strong platform to help our Blackburn-based team of 50 to achieve our strategic plans and objectives to continue to grow our gross receivables above the current level of £200million. Steve Worrall Managing Director, Haydock Finance

The Enterprise Finance Guarantee programme facilitates business finance to smaller businesses that are viable but unable to obtain finance from their lender due to having inadequate security to meet the lender’s normal credit requirements.

EFG provides the lender with a government-backed guarantee for up to 75% of the outstanding balance of eligible facilities, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. Since its launch in 2009, the Enterprise Finance Guarantee has supported smaller businesses with the provision of over 29,950 loans and other facilities totalling more than £3.2bn.

Asset finance is an increasingly important option for smaller businesses looking to grow and invest. Latest figures from the Finance and Leasing Association (FLA) show new asset finance volumes to smaller businesses were £10.9bn in the year to July, increasing by more than 2% on the same period in 2017.

Further Information

Notes to editors

About County Finance Group

Based in Lutterworth in Leicestershire, County Finance Group is an independent finance house that has been lending its own money to a wide variety of businesses across the UK for over 20 years. They provide a range of facilities, including hire purchase, finance leases for asset finance and loans for the professions sector.

County Finance Group has been an accredited partner for Enterprise Finance Guarantee loans for the last five years.

More information about County Finance Group is available at countyfinancegroup.co.uk.

About the British Business Bank

The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting almost £5.2bn of finance to nearly 75,000 smaller businesses, and participating in a further £7bn of finance to mid-cap businesses (as at end March 2018).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.

Enterprise Finance Guarantee is administered by British Business Financial Services Limited, a wholly owned subsidiary of British Business Bank plc.

British Business Bank plc and its principal operating subsidiaries 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.

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