£75m funding for Syscap
Syscap has secured an additional £75
million (€83.1 million) in finance with a UK bank. The funds will
be used to fund customers’ IT investments that had been delayed by
the onset of the downturn, the IT financier said. The additional
funding comes on the back of Syscap’s recent success in renewing
and securing additional capacity with a number of institutional
lenders. In July, Syscap secured £50 million to be used with
professional services firms.
Quartz to look at aviation and
Vendor specialist Quartz Finance is to
move into the corporate aviation and leisure marine markets, hiring
Ian Jackson to develop the business in this area. Quartz director
Graham Wall, whose company transacts 40 percent of its business
outside the UK, hopes to work towards vendor partnerships and
possible public sector work in the aviation sector.
GE Capital UK completes
GE Capital has completed the
reorganisation of its UK corporate finance business, one year after
embarking on the project. John Jenkins, the CEO of GE Capital UK
since May, said the work has involved breaking down the silo walls
between its four business finance areas: contract hire, factoring,
equipment finance and business lending. The process has also led to
the disposal of GE Money which, said Jenkins, “didn’t add value”
(see profile on page 43).
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PCFG results out
Private & Commercial Finance Group
(PCFG) said its trading results for the six months leading up to 30
September will “not fall below expectations”, when the company’s
full report is released on December 15. In the previous period,
PCFG’s business finance division had written £36.7 million (€41
million) of new business, and held a portfolio of £70.6 million via
some 7,256 customers.