19th September 2019
British Business Investments (BBI), a commercial subsidiary of the British Business Bank, has announced a new £25m commitment to Cheshire-based asset finance specialist and alternative lender, Kingsway Finance Ltd.
The commitment is a revolving credit facility 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.
The facility will be used to support Kingsway’s growth plans for the provision of lease finance, commercial loans and professions loans to smaller businesses across the UK.
The £25m facility follows a previous commitment made to Kingsway Finance Ltd by British Business Investments. In December 2018 Kingsway became part of Praetura Asset Finance “PAF” Group Ltd.
Catherine Lewis La Torre, CEO of British Business Investments, said: “Use of SME asset finance continues to grow, increasing by 6.5% over the year to July 2019. We are therefore pleased to provide this additional support to Kingsway so they may increase their leasing capacity to smaller businesses across the UK.”
Adrian Anthon, Managing Director of Kingsway, said: “Kingsway Finance is delighted to continue our strong relationship with British Business Investments and this new £25m commitment will enable us to continue our growth and support UK SMEs in the months and years ahead.”
Peadar O’Reilly Managing Director of Praetura Group Ltd, said: “The provision of this follow on facility from British Business Investments and the certainty of funding it delivers, is a great validation of the business’s core SME proposition and is a key part of our diversified funding capability.”
The Investment Programme unlocks increased development capital to speciality lenders and challenger banks serving smaller businesses and enables BBI to support the development of diverse finance markets.
Since BBI’s Investment Programme began in 2013, it has committed more than £210m to eight asset finance providers.
For more information:
British Business Investments
Senior Communications Manager
0203 772 1351 / 07770 704 761
Corporate Communications Manager
07827 552 301
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 into Kingsway Finance Ltd does not amount to any endorsement or warranty from British Business Investments, the British Business Bank PLC, or the government of the UK.
About Kingsway Asset Finance Ltd
Formed in 1997, Kingsway Asset Finance Ltd is one of the longest established independent providers of hire purchase, lease and loan finance to the UK SME market. Based in Wilmslow, close to Manchester Airport, Kingsway provides nationwide coverage, principally through a network of approved brokers although SMEs are able to make their own direct contact too.
Kingsway concentrates on financing “soft assets” such as catering equipment and office furniture, in addition to providing loan finance to the professions (Accountancy, Legal, Medical etc).
In December 2018 Kingsway became part of Praetura Asset Finance “PAF” Group Ltd. Adrian Anthon, Managing Director of Kingsway, joined the board of PAF Group, as well as taking equity in the combined business.BACK
16th October 2019British Business Investments – Full year results for the period ending 31 March 2019
16th October 2019British Business Investments Annual Report 2019
19th September 2019British Business Investments provides £25m funding line to North West asset finance provider Kingsway
12th September 2019British Business Investments commits £10m to Dow Schofield Watts Angels as first partner in Regional Angels Programme
4th September 2019British Business Investments commits up to €100m to Top Tier Capital Partners’ first vehicle dedicated to European Venture Capital
15th May 2019British Business Investments commits €27m to Bootstrap Europe II
2nd May 2019British Business Investments commits £50m to BOOST&Co’s Second Fund
6th March 2019Beechbrook Capital’s second UK SME Credit Fund reaches first close at £128m and completes first two investments
18th February 2019British Business Investments commits £20m to ThinCats to provide more debt finance to UK businesses
29th October 2018Autumn Budget 2018
23rd October 2018British Business Investments – Full year results for the period ending 31 March 2018
23rd October 2018British Business Investments Annual Report 2018
2nd October 2018British Business Investments makes £25m Tier 2 investment in Secure Trust Bank PLC
1st October 2018British Business Investments launches new £100m programme to support regional angel investment
1st October 2018Catherine Lewis La Torre appointed CEO of British Business Bank’s commercial patient capital activities
27th June 2018British Business Investments commits £31.15m to IQ Capital Fund III to support deep tech companies
16th May 2018British Business Investments provides £12m to asset finance specialist Universal Leasing Ltd
15th May 2018British Business Investments launches new £500m programme to increase access to patient capital
3rd May 2018Growth Capital firm Oxx announces first close of debut fund with commitment from British Business Investments
17th April 2018British Business Investments commits to Dawn Capital’s new venture capital fund
11th April 2018British Business Investments provides new finance facility to Liberis
28th February 2018British Business Investment commits £20m to new venture capital model from Kindred Capital
6th February 2018British Business Investments commits to a £30m boost for smaller businesses
22nd December 2017British Business Investment’s latest commitment boosts regional finance options for UK smaller businesses
11th December 2017British Business Investments commits £30 million at the first close of Shard Credit Partners first direct lending fund
4th December 2017British Business Investments and IGF to increase SME funding with new cash injection
30th November 2017British Business Investments commits £15m to Balderton’s new $375m fund
24th November 2017Budget 2017
23rd November 2017News from our partners – Seedcamp celebrates 10 year anniversary with £41M first close seed fund to invest in next generation of European entrepreneurs
16th November 2017British Business Investments commits £20m to £100m FPE Capital fund
16th November 2017Catherine Lewis La Torre at this year’s BVCA Summit
21st September 2017BRITISH BUSINESS INVESTMENTS – FULL YEAR RESULTS FOR THE PERIOD ENDING 31 MARCH 2017
21st September 2017VIEW OUR ANNUAL REPORT FOR 2016-17
3rd August 2017British Business Bank Investments Ltd commits €40 million in first closing for Harbert European Growth Capital Fund II.
10th July 2017GCP caps a successful year with a £40m investment from British Business Bank Investments Ltd to complete the final close of Fund IV at £205m
29th June 2017BOOST&Co Limited secures additional £20m commitment from British Business Bank Investments Ltd for its Industrial Lending 1 fund
21st June 2017Atom bank secures £30m Tier 2 capital facility from British Business Bank Investments Ltd
21st April 2017British Business Bank Investments Ltd provides £6.6m of funding to Shire Leasing to boost asset finance for smaller businesses
2nd February 2017Beechbrook Capital closes £150m UK SME Credit I and backs two more businesses
18th January 2017British Business Bank Investments Ltd makes £400m from Autumn Statement available to venture capital funds
5th January 2017British Business Bank expands partnership with Funding Circle
8th November 2016British Business Bank Investments Ltd announces £10m commitment to new £260m technology fund
20th September 2016British Business Bank Investments Ltd – Full Year results for the period end 31 March 2016
20th September 2016View our Annual Report for FY2015-16
13th September 2016British Business Bank Investments Ltd commits £18m to northwest-based asset finance provider, enabling a £36m boost to smaller business growth
3rd August 2016British Business Bank Investments Ltd partner Beechbrook Capital holds first close on latest private debt fund
20th July 2016British Business Bank Investments Ltd provides £16.5m line to Northwest asset finance provider Kingsway under new expansion capital initiative
16th June 2016British Business Bank Investments Ltd names Catherine Lewis La Torre as Chief Executive Officer
17th May 2016British Business Bank Investments Ltd invests in Frog Capital II
14th April 2016British Business Bank Investments Ltd invests £30 million in first close of CORDET Direct Lending fund
31st March 2016British Business Bank Investments Ltd invests in Atlantic Bridge III, a new €140 million fund for Technology companies
22nd March 2016British Business Bank Investments Limited partners with Liberis to support funding for smaller UK businesses
10th March 2016British Business Bank Investments Limited publishes half year results for the six months ended 30 Sept 2015
22nd February 2016View our annual report for FY 2014-2015
19th February 2016British Business Bank Investments agrees £25m facility with Haydock Finance
19th January 2016British Business Bank Investments Ltd invests in new UK Private Debt Fund from Muzinich & Co
19th January 2016British Business Bank Investments Ltd – Annual Results and publication of 2015 Annual Report and Accounts
4th January 2016British Business Bank Investments Ltd-supported Beechbrook Capital’s inaugural UK SME Credit Fund holds first close at more than £100m
29th October 2015British Business Bank’s commercial arm supports UK SMEs with investment in Shawbrook Bank
17th September 2015British Business Bank’s VC Catalyst Fund invests in Nauta
27th March 2015British Business Bank Investments Limited makes €6m clean technology investment
2nd February 2015British Business Bank Investments backs Northwest asset finance provider with £5m investment, introduces new expansion capital initiative
31st October 2014£80 million boost for leasing finance as British Business Bank focuses on alternative lending for smaller businesses
24th September 2014British Business Bank partner BMS Finance provides debt finance to Whittle, one of the UK’s leading commercial painting contractors
2nd September 2014British Business Bank boosts European Capital UK SME fund to £100m to help provide debt finance to UK’s smaller businesses
6th August 2014Making Britain the global centre of financial innovation – £100m extra for British Business Bank Investment Programme
25th February 2014New £40m investment by British Business Bank to support £450m of lending to smaller businesses