Asset finance firm boosts lending warchest

A LANCASHIRE asset finance provider specialising in commercial vehicles and industrial machinery has agreed a £30m funding deal of its own.

Blackburn-based Haydock Finance has agreed a increased facilities of £27.5m from its lender Royal Bank of Scotland and a further £5m from its asset finance brand, Lombard.

Haydock, which is family-owned and independent, was founded in 1980 by Jon Wilkinson and initially operated as a motor finance provider. Since then it has evolved into one of the largest independent finance companies in the UK, now trading nationwide through a selected panel of approved finance brokers. Its loan book is more than £50m.

It will use the funding as part of its  business growth plans,  which includes new hire purchase, leasing and refinance proposals.

Managing director Steve Worrall said: “We have a strong business relationship with the team at The Royal Bank of Scotland who understand our business model and aspirations.

“This has allowed 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, added: “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.”

Close