Member Article

Praetura Asset Finance raises £15m from RBS

Manchester and Blackburn-based Praetura Asset Finance has secured £15m funding from the Royal Bank of Scotland (RBS) Financial Institutions team to finance expansion of its lending portfolio.

Established in January 2014 with backing from Praetura Capital LLP, Praetura Asset Finance provides alternative funding solutions to SMEs.

Managing director at Praetura Asset Finance, Mike Hartley, said: “This is a significant transaction for us and will provide a solid platform to accelerate our lending book to £100m.

“There is a huge appetite for our facilities as SMEs look to capitalise on a prospering economy by accessing the finance needed to help them expand.

“The £15m funding from Royal Bank of Scotland, in addition to our recent £12.5m cash injection from Praetura Capital LLP, will create further capacity for us to service new clients and continue expanding our geographical reach.”

Director in the Financial Institutions team at Royal Bank of Scotland, Michael Murray, said: “We are delighted to establish a relationship with Praetura through this new facility. Praetura has a very strong and experienced management team and we see great potential in this business over the medium term.

“The bank is very focussed on supporting regional players such as Praetura, which in turn helps to deepen the funding options available to UK SMEs.”

Praetura Asset Finance was provided with corporate finance advice by Gary Davison from EY and legal advice by Gateley Plc.

This was posted in Bdaily's Members' News section by Sophia Taha .