Member Article

North West asset finance firm boosted by eight-figure investment

Blackburn and Manchester-based SME asset finance firm, Praetura Asset Finance, has received an £18m investment from the British Business Bank.

The backing, which helps to boost the financial business’ lending capabilities, comes as the firm has reached a turnover of £85m despite only being in business for two years.

Providing asset-based finance, hire purchase, finance leasing and refinancing facilities, the firm has experienced growth across a range of sectors, offering financing between £10,000 and £2m.

Managing Director, Mike Hartley, said that Praetura had experienced double digital growth in the last year as its loan book topped £75m.

He commented: “In just two years since the launch of Praetura, we’ve reached a £75m lending book across a variety of sectors including construction and plant, engineering, printing, transport, waste, recycling, and agriculture.

“We are continuously looking for opportunities to further our capabilities and are delighted to be partnering with British Business Bank Investments Ltd. The investment is another step in the evolution of our business and will be instrumental in enabling us to help more small and medium-sized businesses.”

Government-backed British Business Bank, which announced a new £40m fund today, aims to support the UK’s small businesses by working with over 80 partners to help invest and fund fast-growing companies.

Catherine Lewis La Torre, Chief Executive Officer of British Business Bank Investments Ltd, said that asset finance was becoming an increasingly important option for businesses looking to fuel their growth.

She added: “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.”

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