Blackburn finance firm targets expansion with multi-million pound RBS funding

Asset and commercial vehicle finance specialist Haydock Finance Limited has increased its Royal Bank of Scotland (RBS) funding facility to £27.5m in a bid to achieve its expansion aspirations.

The family-owned company, which is based in Blackburn, also secured £5m from Lombard, an asset finance partner of the bank. Haydock Finance plans to use the additional funds to make new leasing, refinance and hire purchase proposals.

Haydock Finance’s managing director, Steve Worrall, said: “We have a strong business relationship with the team at The Royal Bank of Scotland who understand our business model and aspirations.

“This has allowed them to provide funding solutions which give us the flexibility to enhance and implement our strategic growth plans.”

Originally founded in 1980 as a provider of motor finance, the company has since expanded to operate on a national level through a list of approved finance brokers. Today, the company focuses on assets such as coaches and buses, industrial plant, commercial vehicles, and equipment for the agricultural and forestry sectors.

David Clarke, a director for RBS, commented: “Haydock Finance has a proven business growth track record in recent years and we believe the funding facilities will enable the business to continue forward with its business growth aspirations.

“We are delighted to support this asset finance company and wish it every success for the future.”