PVS Asset Finance, a division of Puddy’s Vehicle Solutions, has gained regulatory approval from the Financial Conduct Authority (FCA).

PVS Asset Finance is now able to transact business with regulated businesses – sole traders and partnerships – as well as private individuals.

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Marcus Puddy, formerly of Lex Autolease, launched the Somerset-based Puddy’s Vehicle Solutions in 2015. Of FCA approval, Puddy said: “PVS Asset Finance is now able to introduce private individuals, sole traders and partnerships to our panel of independent funders, where they will be able to obtain the finance they require to assist in purchasing new and used assets. Until now we have had to turn these opportunities away and have only dealt with non-regulated businesses, limited companies.

“Being approved by the FCA to transact with those typically smaller businesses and private individuals enables PVS Asset Finance to really make a difference, particularly to those firms that may require additional support when making financial decisions as they may not employ a financial director, for example, so would benefit from our knowledge and contacts within the industry.”

PVS Asset Finance was launched last year following the recruitment of Paul Tregale as sales director and Imma Matcham as asset finance assistant.

Tregale said: “Our USP is our ability to do more than just broker finance deals. PVS Asset Finance is part of the wider PVS Group that specialises in all things fleet – consultancy, procurement, management and strategy.

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“We therefore have strong relationships with motor manufactures and franchise dealers which enables us to source new cars and vans at hugely competitive prices. This can be of great benefit to many of our clients who may not have the buying power to achieve the same levels of discount. We can therefore offer the complete end-to-end package from funding and procuring vehicles to modifying and signwriting, if required.”

Last year PVS launched a brokerage business for fleets, as well as other wheeled assets and plant and machinery. At the time Puddy told Leasing Life that two deals, of around £2m (€2.2m) each, have already been concluded, to finance machinery originated in Europe.