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Praetura Asset Finance a specialise provider of alternative funding to SMEs has secured £18m investment from British Business Bank Investments, the commercial arm of the British Business Bank, to boost the firm’s lending capabilities.
Praetura launched just over two years ago, has already reached an £85 million turnover, providing asset-based finance, hire purchase, finance leasing and refinancing facilities of between £10k and £2million.
Mike Hartley, Managing Director of Praetura Asset Finance, said: “Asset financing showed double digit growth last year which reflects with the expansion of our business. In just two years since the launch of Praetura, we’ve reached a £75m lending book across a variety of sectors including construction and plant, engineering, printing, transport, waste, recycling, and agriculture.
“We are continuously looking for opportunities to further our capabilities and are delighted to be partnering with British Business Bank Investments Ltd. The investment is another step in the evolution of our business and will be instrumental in enabling us to help more small and medium-sized businesses.
“We’re urging firms to look further afield than the main high street lenders in order to source the capital they need to invest, expand and compete. We can facilitate anything from workshop installations, commercial haulage vehicles and tractors to means for business expansion, management buy-ins and management buy-outs.”