Investec Asset Finance has increased its existing block discounting facility with Blackburn-based lender Haydock Finance to £10m (€11.6m).

The block discounting facility began in 2013 at £750,000 (€ 872,210) and has increased many times. Through the agreement, Haydock became one of Investec’s first block discounting clients.

Haydock was founded in 1980, and is an asset finance company specialising in assisting SMEs in acquiring hard assets such as commercial vehicles and agricultural equipment.

The increase of the block discounting facility makes Investec one of Haydock’s larger lenders.

Osian Rees, head of wholesale lending, Investec, said: “The size of the facility has grown significantly since we first started working with them in 2013, and we like to grow with our clients.

“Whatever the size of the first facility, clients with a strong track record and experienced leadership team can expect it to increase.”

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Steve Worrall, managing director, Haydock, said: “As we’ve increased receivables to over £100m gross, the need for finance facilities has increased also and Investec was a natural choice, given the consistency of service and highly experienced team.

“Investec’s willingness to discuss the covenant package and adjust in line with our track record was a definite plus.”