Haydock Finance, a UK provider of asset finance, has announced it has negotiated a £5m block discounting facility with specialist commercial lender Wesleyan Bank, to manage a surge in demand during the coronavirus pandemic.
With net receivables exceeding £320m, Haydock has reported a 42% increase in new business levels for July 2020 against July 2019, and a further increase of 70% for August 2020 against August 2019.
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Wesleyan’s new funding facility will be used to help meet some of this continued growth in demand, Haydock said.
Andy Taylor, sales director at Haydock Finance, said: “The pandemic has underlined the importance of our continued commitment to supporting SME growth.
“When Covid hit, we remained within all of our sectors and did not reduce the deal sizes.
“We explored other block discounting providers but Wesleyan’s prompt service met our demands.
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By GlobalData“Their facility will allow us to support both existing and new customers with asset finance investments plus provide us with the flexibility to help with cashflow related applications.”
Richard Baker, head of block discounting at Wesleyan Bank, said: “Haydock Finance has become our fifth new block customer this year.
“Not only have we secured the business, but those that have partnered with us are already talking to us about future funding requirements.”
Haydock Finance was established in 1980 and is headquartered in Blackburn.
Haydock Finance Ltd has an asset finance portfolio in excess of £125m.
Wesleyan Bank was established in 1993 and is a wholly-owned subsidiary of Wesleyan Assurance Society. Wesleyan Bank is headquartered in Birmingham and part of the Wesleyan Group.
See our 2020 coverage of Wesleyan block funding for asset finance providers:
Wesleyan Bank agrees £5m block discounting facility with 1pm
Wesleyan Bank provides £1m block facility to support Genesis’ CBILS drive
Shire Leasing first to access credit under Wesleyan’s latest block discounting facility
Wesleyan provides £3m block discounting to Liberty Leasing
