Praetura Asset Finance (PAF) has hit a milestone by breaking its annual deal record in 2023 as it marks a decade of dedicated funding for UK SMEs.
With a notable increase in the number of SMEs funded and a 26% rise in total capital provided, PAF has exceeded record figures for three consecutive years.
Since its establishment in 2013, PAF has expanded its staff from nine to over 40 and funding approximately 15,000 assets across the UK. In the first full year of trading the company averaged a lending total of c.£1.8m per month, ten years later, monthly lending totals are in the region of £10m.
As a pivotal part of the Praetura Lending Division, PAF contributes to a combined loan book exceeding £350 million.
Ric Simmons, managing director at Praetura Asset Finance, said: “I’m proud to have been a part of the Praetura Asset Finance story from the very beginning. And what a story it has been – the way the team has grown, and the number of brokers and their SME clients benefitting from our ‘more than money’ approach to funding increasing every year. I’m proud of what we have achieved as a team and I’m immensely proud of the team itself. I am very much looking forward to being a part of the next chapter for this amazing company and fantastic group of people.”
Peadar O’Reilly, CEO of Praetura’s Lending Division, said: “Back in 2013, we wanted to make a difference and we wanted to establish a place in the market for asset finance funding that looked at things from the SMEs’ perspective. More than money is the strapline for the whole of the Praetura Group and we pride ourselves on providing that. The achievements of Praetura Asset Finance over the past 10 years are testament to that ethos truly having an impact. I add my congratulations on hitting this milestone and look forward to celebrating many more successes in the months and years to come.”
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