UK broker Ultimate Finance has received a vote
of confidence in its growth potential with a funding boost.
The SME-focussed business has had the term of
its £34m funding facility from Lloyds TSB Commercial Finance
extended by a year.
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The company’s asset finance arm, Ultimate
Asset Finance (AF), also received an increase on a current facility
as well as a new funding agreement with Hitachi Capital.
The term of the facility from Lloyds was
extended to 30 June 2014.
Ultimate Finance announced Lloyds increased
the level funding when it reported its annual results for the year
to 30 June 2011.
Growth in the asset finance business and the
integration of Ashley Commercial Finance, following the acquisition
in late 2010, have helped the company to a £904,000 profit, more
than double the previous year’s figure.
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By GlobalDataGrowth in Ultimate AF led Siemens Financial
Services (SFS) to increase its funding facility to the division
from £500,000 to £1m and Hitachi Capital to provide a further
£500,000, according to a statement from Ultimate Finance.
“Ultimate Asset Finance has grown more quickly
than expected, exceeding management expectations by reaching
breakeven in the first three months of trading in the current
financial year,” the statement said.
These facilities, together with the original
£500,000 from Singers Corporate Asset Finance, increase the
combined total external funding available to Ultimate AF to
£2m.
Richard Pepler, chief executive of Ultimate
Finance, said: “We are delighted to have extended our funding
facilities with Lloyds TSB Commercial Finance and increased our
funding facilities with Siemens Financial Services; both of these
are existing providers, and their commitment to Ultimate Finance
demonstrates their confidence in our continued growth
prospects.
“Additionally, we are particularly pleased to
have engaged in a relationship with Hitachi Capital, a new facility
provider to the Ultimate Asset Finance subsidiary, which is
exceeding management expectations so far this year.”
grant.collinson@vrlfinancialnews.com
