North West-based debt and equity capital provider Praetura Group has announced the creation of Praetura Invoice Finance (PIF), a new financial division designed to unlock flexible finance for SMEs.
PIF will support UK-wide SMEs from a range of different sectors by helping them to obtain funding against unpaid invoices, with the goal of allowing them to free up resources and capital to grow other areas of the business. It follows the launch of its refinance funding facility earlier this year which is also designed to allow businesses to create working capital.
As the government winds back its pandemic support for businesses, there has been an increase in demand amongst SMEs for commercial funding. In the first quarter of 2021, 42% of SMEs accessed external finance, up from 30 per cent at the beginning of 2020, according to UK Finance’s SME Finance Monitor. Praetura Group’s lending division recorded its highest ever lending levels in 2021’s first quarter of close to £75m, with demand for funding continuing to rise.
PIF will be led by managing director Ray Lowrey, who has more than 30 years’ experience in commercial finance. Ray joins PIF from Bibby Financial Services. He has also previously held roles at the Bank of Scotland and Volkswagen Financial Services. Also joining the team are sales director Carl Finlayson, who was previously head of business development at Aldermore Bank in the North West, and operations director Lorraine Udale, who previously spent ten years at Bibby Invoice Discounting.
Lowrey said he was “delighted” by the launch of PIF: “SMEs are the backbone of the UK’s future economic growth and their success, which is important post-pandemic, often depends on accessing flexible commercial funding that works for them.
“Invoice finance is the latest example of dedicated support from Praetura Group, which has been helping SMEs across the UK through a difficult period for businesses. I’m delighted that PIF will further strengthen the firm’s reputation for going above and beyond with a ‘more than money’ approach that puts SME business owners first.”
PIF’s launch also coincides with a milestone year for its parent company Praetura Group, as it celebrates a decade of operations. The group, which includes Praetura Commercial Finance, Praetura Asset Finance, Kingsway Asset Finance and Praetura Ventures, has lent £500m to SMEs in the UK to date. Praetura Group has also invested almost £48 million in early-stage businesses.
Peadar O’Reilly, co-founder of Praetura Group, said the group were “privileged” to be part of business growth in the country’s north.
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“Since 2011, it’s been incredible to see not only the growth of Praetura Group, but also the North’s growing reputation as a globally competitive destination for business growth. We’ve been privileged to be part of the story, lending to more than 2,500 businesses from 80 industries and investing in 40 further exceptional businesses with our More Than Money approach. From landmark infrastructure projects to innovative new tech platforms, we’ve met thousands of pioneering businesses who have all contributed to the ever-changing UK economy,” said O’Reilly.
“It really is a milestone after what’s been a challenging 18 months for many businesses across the UK. We’re excited for the next chapter, where we plan to expand into new markets, hire a significant number of new team members and launch a number of other new services. ”
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