9 February 2023
British Business Investments today announces that it is providing a £25 million facility to Tower Leasing Limited. The transaction will be structured as a block discounting agreement that will allow Tower Leasing to provide funding support to smaller businesses looking to acquire business-critical assets to accelerate their growth.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3 billion to providers of finance to UK smaller businesses.
Bracknell-based Tower Leasing was founded in 1989. It has extensive experience in providing finance to smaller businesses all over the UK, with a particular focus on finance leases for business and office equipment. The facility will allow Tower Leasing to support increased lending volumes using its diversified funding base.
Judith Hartley, CEO, British Business Investments, said:
“This £25m facility to Tower Leasing Limited supports British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses in the UK. Independent operators like Tower Leasing Limited help diversify the UK’s smaller business finance market and provide more choice for businesses. We look forward to working with Tower Leasing Limited to help smaller businesses across the UK get funding for the assets they need to continue their growth.”
Kerry Howells, Managing Director, Tower Leasing Limited, said:
“We are delighted to receive the support of British Business Investments via this significant new facility. Supporting the development of smaller businesses is in Tower’s DNA and this new commitment will provide us with increased funding to enhance our product offering and issue valuable funding to assist our clients with future growth opportunities. This marks an exciting new chapter for Tower, our customers, and the vital UK SME market.”
Senior Communications Manager
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British Business Investments team at MHP Communications
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British Business Investments Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. 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.
The Bank and its subsidiary entities are not banking institutions and do not operate as such. They are not 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 transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc or its subsidiaries or any other party of Tower Leasing Limited or its products or services.
Established in 1989, Tower Leasing is a Bracknell-based funder with the support of brokerage facilities, specialising in asset finance and leasing solutions.
Partnering with businesses from a wide range of industries including telecoms, vending and electric vehicle charging, Tower aims to enhance equipment suppliers’ sales offerings by providing finance and leasing options to their B2B customers.
Tower also supports the development of UK based businesses directly, by enabling them to acquire much needed capital equipment through leasing and by providing a wide range of alternative finance products designed to assist with cash flow and fund business growth.
With over 30 years of industry experience, Tower pride themselves on offering a tailored approach to their partners and customers and have supported the growth plans of over 40,000 SMEs to date.
Tower Leasing Limited is authorised and regulated by the Financial Conduct Authority (Firm number: 667945).
For more information about Tower Leasing, please visit: www.towerleasing.co.uk