RBS provides £25m towards Haydock Finance expansion
Blackburn based Haydock Finance is a family owned independent provider of asset finance, offering credit facilities to business users across the UK focusing upon critical assets including buses and coaches, commercial vehicles, industrial plant & machinery, cranes, forestry and agricultural equipment and machine tools.Founded by Jon Wilkinson in 1980, Haydock was initially established as a motor finance provider but has evolved over the years into one of the largest independent finance companies in the UK now operating nationwide through a selected panel of approved finance brokers. The three year revolving facility of £25m from RBS will support the Company’s growth aspirations for new hire purchase, leasing and refinance proposals.
Steve Worrall, Managing Director at Haydock Finance comments: “The team at RBS really understood our business model and chosen market position, so we are very excited about developing our relationship further. Their sector experience enabled us to think differently about Haydock’s future funding requirements allowing the senior team to explore additional channels to ensure that our business is financially supported as we continue to deliver our strategic growth plans.”Michael Murray, Associate Director, Financial Institutions Group at RBS comments: “Haydock Finance is a fantastic example of a family run UK business that is providing support to other businesses, particularly SMEs. We are delighted to be supporting this asset finance business and the Company is now in a great position to grow even further.”
Nick Parkhouse, Senior Director, Financial Institutions Group at RBS added: “The team here is highly experienced in the provision of finance across a number of asset classes and have been keen to execute a transaction in the leasing space for some months. Through this transaction with Haydock, not only are we providing support to a long standing and highly successful RBS client, but it also demonstrates how RBS is showing support to UK SME’s.”
Marcus Grimshaw, Chairman of the National Association of Commercial Finance Brokers (NACFB) commented: "We are delighted to see the completion of this transaction between two members of the NACFB which can only further serve the needs of UK SME's. We know RBS are in talks with a number of our other members and hope this is the first of many transactions.”