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.A relatively new entrant to the market, having been established in January 2014, Praetura Asset Finance provides alternative funding solutions to SMEs including hire purchase, refinance and leasing facilities, to support equipment purchase, business expansion, management buy-ins and buy outs, M&A and general cash flow purposes.
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.“There is a huge appetite for our facilities as SMEs look to capitalise on a prospering economy by accessing the finance needed to help them expand. The £15m funding from Royal Bank of Scotland, in addition to our recent £12.5m cash injection from Praetura Capital LLP, will create further capacity for us to service new clients and continue expanding our geographical reach.”
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.”