Yorkshire investment firm commits £25m to asset finance company
A Yorkshire investment firm has announced that it is committing £25m to fund an asset finance specialist.
British Business Investments (BBI), a commercial subsidiary of the British Business Bank, has entered into a three-year funding commitment to asset finance specialist Haydock Finance Ltd.
The commitment is structured as a block discounting facility and will help Haydock continue to grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
The funding has been provided through BBI’s Investment Programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders.
Judith Hartley, CEO of British Business Investments, commented: “Our ongoing relationship with Haydock demonstrates British Business Investments’ continued commitment to increasing the diversity of supply of business finance to support smaller businesses across the UK.
“Supporting specialist lenders such as Haydock helps diversify the finance market and contributes to more choices for UK smaller businesses when they look to acquire business critical equipment using asset finance.”
Andy Taylor, sales director at Haydock Finance, said: “At Haydock Finance we are delighted to continue our strong relationship with the British Business Bank.
“The commitment from them will help to underpin our plans for growth in 2021.
“We are very happy with the facility which will help Haydock continue to support the British SME community with their investment plans in plant, vehicles and equipment.”
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