Asset-based lender exceeds £100m milestone in record year
The loan book at Manchester asset-based lending business, Praetura Commercial Finance Group (PCFG) has exceeded £100m in a record year as the demand for funding continues to rise.
The figures mark the group’s highest lending levels since the company was founded in 2016 and an 86% loan book growth from 2021, with the company’s client facilities now measuring in excess of £215m.
PCFG, which provides transactional debt facilities to SMEs and medium-sized businesses across the UK, has continued to lend to a wide range of sectors, including distribution, engineering, fitness, manufacturing, pharma, food and automotive, with demand for its services significantly increasing in the past year.
The news has also coincided with Praetura onboarding 48 new clients so far during 2022, adding £37.5m of new facilities in the past trading quarter.
Having recently made new hires in the North East, the Midlands and the South East, Praetura Commercial Finance Group has also increased its headcount by 85% to 28 staff.
Following its record year, the business plans to build on its existing success by continuing to lend to all SMEs, from small owner managed businesses through to large private equity backed corporates.
The company also has plans to continue building its UK-wide presence, having lent to companies across the country this year, including SMEs in London, the North East, Yorkshire the Midlands and Scotland.
Lisa Wood, co-founder and managing director, said: “The SME funding landscape is changing dramatically, and taking the time to fully understand firms with relationship-led lending is essential.
“This is even more true as we enter a volatile economic outlook, when business leaders rely on the extensive experience of teams like ours that know how to navigate economic cycles. Our insight helps us to better support our clients with their objectives.”
She added: “Although 2023 promises to be a challenging year for us all, businesses are still looking to realise growth. Many will be turning to independents like Praetura to help them invest in the areas that will enable that.
“I’m confident that our award-winning team will be more than able to meet the demands of businesses across the UK and drive further growth in our business next year and beyond.”
Praetura Commercial Finance is part of the wider Praetura Group, a specialist debt and equity capital business aimed at providing alternative lending solutions to more rigid institutional lenders.
The business was named as the most active lender in the North West in Experian’s M&A 2021 Review.