Lenders Praetura sees double digit growth

LENDERS Praetura Asset Finance has reported double digit growth for 2016.

There has been a 24% rise in cases and a 38% increase in asset finance lending year on year.

Lending, which rose across all UK regions, saw more than a 180% increase in the number of cases in Scotland and a 49% rise in lending for the south of England. Praetura also reached the £100m lending milestone in December 2016 after just three years.

Companies in haulage, construction and vehicle hire continue to be the biggest focus for Praetura. Lending to vehicle hire companies increased 139% in 2016. The Blackburn-based lender also secured deals with new clients, including a company providing welfare cabins in Scotland and a waste management company in Essex.

“The growth we’re experiencing proves the viability of the way Praetura works as a business. There are two key elements: working closely with the broker to enhance their client relationship and looking at the whole picture, to ensure their client is getting the best solution possible to support the success of their business, said Mike Hartley, managing director at Praetura Asset Finance.

“The appetite for the market to continue to grow is there, with more and more businesses now aware of and choosing asset finance as a solution,” he said.

Related reading