Blackburn-based Haydock Finance secures £37.5m funding facility

Asset finance firm Haydock Finance Limited is looking to drive its growth plans forward after increasing its funding facilities to £37.5m.

The Blackburn-based company will use the funding package – a £28.5m revolving credit facility with the Royal Bank of Scotland and a £9m block discounting line with the bank’s asset finance partner, Lombard – for additional hire purchase, leasing and refinance proposals.

The move will allow Haydock to increase gross receivables above the current level of £100m.

Founded in 1980 as a provider of motor finance, today the family-owned firm offers credit facilities to SMEs and business users all over the UK with a focus on critical hard assets such as buses, coaches, commercial vehicles, industrial plant and machinery, cranes and equipment used in the forestry and agriculture sectors.

Haydock Finance’s managing director, Steve Worrall, said: “The team at Royal Bank of Scotland are very proactive and deliver bespoke funding solutions that meet our needs as our business grows.

“We have a strong business relationship with the team who understand our business and our strategic growth plans.”

RBS director David Clarke commented: “Haydock Finance has enjoyed a continued period of growth and development, and we believe the funding facilities will enable the business to continue forward with its business aspirations.

“We are delighted to support this asset finance company and wish it every success for the future.”

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