British Business Bank agrees £25m facility with Haydock Finance

British Business Bank agrees £25m facility with Haydock Finance




British Business Bank has agreed a £25m facility with Haydock Finance to help it expand its asset finance division.

British Business Bank has agreed a £25m facility with Haydock Finance to help it expand its asset finance division.

British Business Bank Investments Limited, the commercial arm of the British Business Bank, has agreed a three funding commitment with the Blackburn-based leasing company which has already funded over 2,000 smaller businesses.
 
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.”
 
The facility will allow Haydock Finance to grow its asset finance division, provide hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
 
Steve Worrall, Managing Director of Haydock Finance, 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.”
 
Haydock Finance specialises in financing hard assets, including buses, coaches, heavy and light commercial vehicles, industrial plant and machinery. 
 

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