Shawbrook Bank has announced an increase in the block discounting facility made available to Haydock Finance to £10m.
Shawbrook said the deal was Intended to help the business grow, and was turned around in less than two weeks.
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An existing client of Shawbrook Bank’s for the last four years, Blackburn-based Haydock Finance offers a range of asset finance to business customers across the UK.
The company mainly funds hard assets including vehicles, industrial plant and machinery as well as agricultural equipment. The facility is intended to support the business’ growth, which includes new hire purchase, leasing and refinancing proposals.
Paul Tagg, director of block discounting at Shawbrook Bank, said: "Haydock has been a business in asset finance for 35 years and I’ve known the chairman Jon Wilkinson for 25. We have an excellent relationship with the Haydock development team and it is a real pleasure to be able to announce the latest deal."
Steve Worrall, managing director of Haydock Finance said: "Over the years funders like Shawbrook have helped us evolve into a team of 30 providing hire purchase, leasing and refinance proposals for SMEs seeking asset finance across England, Scotland and Wales. We value the increased facility from Shawbrook and the team’s relationship with us, which combines a thorough understanding of our business with a flexible approach."
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By GlobalDataTracey Floyd, who was instrumental in sealing the deal, recently joined the Shawbrook team as a Sales Manager in the Block Discounting team, responsible for the North and Midlands.
Tracey joined from RBS where she worked in corporate banking and various specialist roles in Lombard Asset Finance for 14 years. The last five years she spent managing Lombard’s Block Discounting product single-handed.
Regarding her appointment, Tracey said: "I joined Shawbrook because I wanted to be part of Shawbrook’s approach to business – creative, but risk managed. The team provides a first class service to clients and has the ability to make quick decisions in a rapidly changing market. It’s great to be part of a team that wants to do the deal, rather than finding reasons not to."
