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
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