Member Article

Asset finance boosts growth across region

Firms across the North West have benefited from more than £3.1 million by unlocking capital tied up in their business.

The figures, release by Manchester and Blackburn-based Praetura Asset Finance, show that 40 companies utilised asset finance to purchase new equipment, invest in growth or address financial issues within the organisation.

More than a third of the businesses (40%) were from the construction sector, more than £1m of the overall figure, demonstrating that steps are being made in order to capitalise on the positive upturn in the sector’s fortunes.

Manufacturing companies also make up 15 per cent of those accessing asset finance, with in excess of £500k being made available to those operating in the sector.

Praetura is the first truly independently-owned asset finance company to enter the market for 15 years.

Established by the former managing director of One Business Finance (part of Close Brothers) in January 2014, the business works with brokers, corporate financiers, auditors and turnaround specialists to provide a ‘best-fit’ financing solution based on individual customer needs.

Paul Mountain, business development manager for the North of England, said: “We can often provide finance for companies that have been unsuccessful elsewhere, so we’re very pleased to have completed 40 deals in just eight months, with the average advance totalling more than £78k.

“We work very hard to understand the intricacies of a business in order to provide the most viable solution, so we’re delighted to have reached this milestone in lending deals to help companies in the region grow.”

This was posted in Bdaily's Members' News section by Simon Malia .