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11 December 2020: British Business Investments (BBI), a commercial subsidiary of the British Business Bank, today announces a £25 million commitment to asset finance specialist, Blackburn-based Haydock Finance Ltd.
The three-year funding commitment is structured as a block discounting facility and will help Haydock continue to grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
Haydock specialises in financing physical assets and throughout the pandemic has continued to support a wide range of sectors with a full suite of solutions. As well as hire purchase and leasing, these have also extended to multiple asset refinancing and finance provision for new and used assets in a variety of traditional and specialist markets.
The £25m commitment has been provided through BBI’s Investment Programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders. Launched in 2013, the Investment Programme has made £293m of asset and invoice finance commitments since inception.
Judith Hartley, CEO, British Business Investments, said: “Our ongoing relationship with Haydock demonstrates British Business Investments’ continued commitment to increasing the diversity of supply of business finance to support smaller businesses across the UK. Supporting specialist lenders such as Haydock helps diversify the finance market and contributes to more choices for UK smaller businesses when they look to acquire business critical equipment using asset finance.”
Andy Taylor, Sales Director, Haydock Finance, said: “At Haydock Finance we are delighted to continue our strong relationship with the British Business Bank. The commitment from them will help to underpin our plans for growth in 2021. We are very happy with the facility which will help Haydock continue to support the British SME community with their investment plans in plant, vehicles and equipment.”
Haydock Finance has been partnering with the British Business Bank for several years, participating in several initiatives designed to support UK businesses, including the Enterprise Finance Guarantee, and is currently accredited under the Coronavirus Business Interruption Loan Scheme (CBILS).
The £25m facility follows a previous commitment made to Haydock by British Business Investments in February 2016.
ENDS
For Press Enquiries, please contact:
Haydock Finance
Name Lea Lawrence
Tel 07935 057686
Email llawrence@haydockfinance.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 commitment from British Business Investments Ltd to Haydock Finance does not amount to any endorsement or warranty from British Business Investments Ltd, the British Business Bank plc, or the government of the UK.
About Haydock Finance
Haydock Finance is an asset finance specialist who has been supporting UK SME growth for 40 years. We have stood strong to support our customers through the tough times and the good, providing asset finance to a diverse range of businesses. With gross receivables of over £400 million, we work closely with our nationwide portfolio of introducers to provide a high level of expertise across a variety of funding solutions.
We provide funding for a comprehensive range of business assets with a long life such as HGVs, LCVs, buses and coaches, agricultural & forestry equipment, yellow and road plant plus industrial plant and machinery.
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