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10 November 2020: British Business Investments, a commercial subsidiary of the British Business Bank, today announces a new commitment to Compass Business Finance enabling an increased flow of asset finance products into UK-based smaller businesses in the print, packaging and manufacturing sectors.
The commitment to Compass Business Finance, from British Business Investment’s Investment Programme, amounts to £15m of block discounting funding. It will provide the specialist lender with funding for smaller and medium-sized businesses over the next three to five years, and allow it to continue its own growth trajectory.
Judith Hartley, CEO, British Business Investments, said: “British Business Investments supports independent operators in the asset finance sector by providing additional funding and widening the choice of finance options that smaller businesses across the UK can access on the market. We look forward to working with Compass Business Finance Ltd over the next five years to help those businesses get the finance they need.”
Mark Nelson, Director of Compass Business Finance, said: “The commitment from British Business Investments, will enable us to meet the growing demand for funding in our markets, including the provision of CBILS and other asset-based finance. Having the ability to support our customers and maintain our high service levels is paramount, and this partnership gives us the confidence to know that we can continue provide that.”
Compass Business Finance has been partnering with the British Business Bank for several years and has participated in several initiatives designed to support UK businesses, including Regional Growth Funds, the Enterprise Finance Guarantee and currently, the Coronavirus Business Interruption Loan Scheme (CBILS).
ENDS
For Press Enquiries, please contact:
Compass Business Finance
Sarah Crumpler
07534082700
sarah@compassbusinessfinance.co.uk
British Business Investments
Suzanna Jebbitt
Communications Manager
0207 898 5829 / 07827 552 301
suzanna.jebbitt@british-business-bank.co.uk
The British Business Investments team at MHP Communications
Phone: 020 3128 8589
Email: bbb@mhpc.com
About British Business Investments
British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The funding from British Business Investments to Compass Business Finance does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.
About Compass Business Finance
Compass Business Finance is an independent company specialising in the provision of industry, professions and renewables finance, focussing primarily on asset-based finance for the print, packaging and engineering sectors. Compass have seen year-on-year growth since they were established in 2005, by brothers, Mark and Jamie Nelson. David Bunker joined the company as a director in April 2019.
Compass Business Finance is a member of the Finance and Leasing Association.
www.compassbusinessfinance.co.uk
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