Haydock Finance Limited has secured increased funding facilities of £27.5m from The Royal Bank of Scotland and a further £5m from the bank’s asset finance partner, Lombard.
The Blackburn-based firm is a family owned independent provider of asset finance which offers credit facilities to business users across the UK. Haydock Finance focuses upon critical hard assets including buses and coaches, commercial vehicles, industrial plant and machinery, cranes, forestry and agricultural equipment, and machine tools.
The firm was founded in 1980 by Jon Wilkinson and was established originally as a motor finance provider. Since then it has evolved into one of the largest independent finance companies in the UK, now operating nationwide through a selected panel of approved finance brokers.
Haydock Finance will use the funding as part of its continued business growth aspirations which include new hire purchase, leasing and refinance proposals.
Steve Worrall, Managing Director at Haydock Finance, said: “We have a strong business relationship with the team at The Royal Bank of Scotland who understands our business model and aspirations. This has allowed for them to provide funding solutions which give us the flexibility to enhance and implement our strategic growth plans.”
David Clarke, Director at The Royal Bank of Scotland, said: “Haydock Finance has a proven business growth track record in recent years and we believe the funding facilities will enable the business to continue forward with its business growth aspirations. We are delighted to support this asset finance company and wish it every success for the future.”
Established in 1980, Haydock Finance Ltd is now one of the largest independent finance companies in the UK reporting a credible net worth in excess of £12.4m in the 2014 published accounts.
The Asset Finance division provides credit facilities to business users for the finance of standard saleable assets, with opportunities introduced to their office in Blackburn through a small selected panel of approved finance brokers. The company provides an efficient and personalised level of service to its brokers and customers whilst maintaining a high level of knowledge and expertise in terms of underwriting and collections.
With gross receivables in excess of £70m, Haydock Finance Ltd retains an enviable position in their chosen markets and is very much “open for business” for new hire purchase, leasing and refinance proposals for business assets including buses, coaches, industrial plant & machinery, trucks, trailers, commercial vehicles, cranes, forestry/agricultural equipment, machine tools and renewables.
Haydock Finance Ltd is regulated by the Financial Conduct Authority, a patron member of the National Association of Commercial Finance Brokers (NACFB), a member of the Finance & Leasing Association (FLA) and authorised representative of Secure Trust Bank PLC.