Norton Finance set for further growth with £30m funding

NORTON Finance is set to expand after securing £30m funding from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).

The funding is to refinance its existing debt and support its continued expansion plans.

Rotherham-headquartered Norton Finance was founded in 1973 as a loan and car insurance broker. The business comprises three main business divisions: broking; first and second mortgage lending; and debt management services.

The £30m bilateral revolving credit facility provided by RBS CIB will support Norton Finance in expanding further into the UK market and help the continued growth of the business. The deal was led by Nick Parkhouse, senior director at FI Structured Finance, RBS CIB and David Clarke, director, Corporate Coverage, RBS CIB.

Paul Stringer, loans and mortgages director at Norton Finance, said: “RBS has shown a strong understanding of our business and the sector in the provision of funding to Norton Finance group. The bank’s knowledge and proactive and client centric approach was instrumental in us mandating the bank to provide the finance.”

Nick Parkhouse, senior director FI Structured Finance, RBS CIB, added: “We’re delighted to close this transaction with Norton and support them in their growth plans. The mortgage market is one RBS has good experience in lending to and we are especially pleased to work with a management team who have built such a successful business and to be assisting them in their next phase of growth.”