Praetura secures £18m investment

The investment was provided by British Business Bank Investments Ltd, the commercial arm of the British Business Bank, and comprises £15m of matched funding, £3m of expansion capital and is expected to support at least £36m worth of business finance.

The North West-based lender Praetura specialises in asset-based finance, hire purchase, finance leasing and refinancing facilities.

It provides finance to a number of different sectors, including construction, engineering, printing, transport, waste and recycling, and agriculture.

Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, commented: “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 secure Praetura’s market position in the coming years.”