Keeping businesses moving forward

Keeping businesses moving forward

Nothing gives us greater pleasure than seeing the difference our funding can make to a business’ fortunes. Even more so, when we’re able to carry on and provide more, to enable a company’s continued expansion.

This was illustrated recently, by a business we have been working closely with over the past seven months…


Rapid Recovery Response

We received a call from one of our partner brokers, about a client of theirs; a well-established automotive recovery business, who were looking to embark on the next phase of their company’s growth.

They had recently been awarded a raft of prestigious contracts and had set up a separate company to service this new work. But, to be able to start working on the contracts, they needed more recovery vehicles and they needed them quickly.

The original company had been going through a transitional period, as they prepared for the change in direction they were wanting to take, so the capital required for the outlay (of purchasing the vehicles upfront) wasn’t there. But without the vehicles, it was impossible to fulfill any of the work the new hard-won contracts would be sending their way. Bad winter weather was also forecast, which would mean more work (as more vehicles were likely to break down), which made the need for the vehicles even more urgent.


Asset finance was the answer
In cases such as this (and many others besides), asset finance offers a perfect solution. Either via hire purchase or a finance lease; vehicles, machinery or equipment can be secured, avoiding the significant impact of large upfront purchase costs. Instead, manageable payments (with fixed interest rates) are spread over a period of time, with the schedule and agreement tailored to your specific requirements.

To find out more about hire purchase or leasing, please visit:


When a consultant lender is key

In-essence this was a new-start business, albeit one that was splintering from a well-established family run firm. However, the firm they were splintering from had experienced losses in the previous year.

Now, if Praetura Asset Finance decided whether to lend based on a tick-box credit scoring mentality, then the answer would have been a flat no. But, we are a ‘consultant lender’ who will always take the time to fully understand the SMEs we are here to help, before making a credit decision. An algorithimic or ‘only if you can answer yes to a series of pre-determined questions’ approach to lending, misses out on the reasons why questions have been answered a certain way.

At Praetura we will always take the time to understand the SMEs our funding could help. This means not only looking at their current situation, but also finding out about their history and their plans for the future.

In this case, one of our business development managers (along with the introducing broker), went to visit the client, to find out more about who they were, their past and their present circumstances, what changes were being made, why they were doing so and how they were planning to implement their growth strategies over the coming months and years.

Following the meeting, we had the answers to a wide-ranging set of questions, knowledge of the people involved with the running of the company and a more complete picture overall. It was with all of this that we were then able to make a fully informed credit decision and quite happily say yes!

Feeling the need, the need for speed

Whilst there was the necessity to take the time to find out more, it had not been forgotten that time was important to the client too. The inclement winter weather was on its way, which was an enormous business opportunity for them. So they needed quick decisions and a speedy turnaround.

The first four vehicles were secured, with the finance lease facilities for them arranged and paid out within 48 hours of the client visit. This is another advantage that asset finance offers: it is a straight-forward solution, which can have the funds with you within a matter of days.

Onwards and upwards

The speed of the turn-around ensured they had the recovery vehicles available to fulfill contract recovery work over the winter period. That firm foundation has given them the perfect start to the new contract work and since then, the company has gone from strength to strength. Praetura Asset Finance have been proud to support their continued growth and have provided finance for a further five vehicles (over the subsequent six months), taking the total level of funding provided to over £340,000.

And now the world is their oyster: the business is looking towards further expansion and not just achieving, but exceeding the growth targets they set themselves, when they first decided to take the company in a new direction.


To find out more about how asset finance could help your business, ask your broker or business finance advisor to refer you to Praetura Asset Finance today.

If you are a broker or adviser that would like to find out more about working in partnership with Praetura, please call our dedicated broker support team today on 0333 323 7830, or send us an email.


Funding provided by asset finance solutions can change fortunes, make plans for the future become a reality for the present, save jobs, build bridges, plug holes, allow opportunities to be seized and much much more!

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