Praetura Asset Finance raises £15m from RBS to support growth

Blackburn-based Praetura Asset Finance has secured funding from the Royal Bank of Scotland financial institutions team to finance expansion of its lending portfolio.

The three-year committed revolving facility of £15m from Royal Bank of Scotland will help support Praetura Asset Finance through its next evolutionary phase and assist with the continued and rapid growth of the business.

Mike Hartley, managing director at Praetura Asset Finance, commented: “This is a significant transaction for us and will provide a solid platform to accelerate our lending book to £100m.

Michael Murray, director in the financial institutions team at Royal Bank of Scotland, added: “We are delighted to establish a relationship with Praetura through this new facility. Praetura has a very strong and experienced management team and we see great potential in this business over the medium term. The bank is very focussed on supporting regional players such as Praetura, which in turn helps to deepen the funding options available to UK SMEs.”