Haydock Finance Secures £5m block discounting facility
Haydock Finance has negotiated a £5m block discounting facility with Wesleyan Bank. During the height of the pandemic, Haydock maintained their commitment to supporting SMEs across all sectors which has resulted in a surge of asset finance applications. With net receivables exceeding £320m, Haydock has reported a 42% increase in new business levels for July 2020 against July 2019, and a further increase of 70% for August 2020 against August 2019. Wesleyan’s new funding facility will be used to help meet some of this continued growth in demand.
Andy Taylor, sales director at Haydock Finance, explains, “The pandemic has underlined the importance of our continued commitment to supporting SME growth. When Covid hit, we remained within all of our sectors and did not reduce the deal sizes. We explored other block discounting providers but Wesleyan’s prompt service met our demands. Their facility will allow us to support both existing and new customers with asset finance investments plus provide us with the flexibility to help with cashflow related applications.
Richard Baker, head of block discounting at Wesleyan Bank, says, “Haydock Finance has become our fifth new block customer this year. Not only have we secured the business, but those that have partnered with us are already talking to us about future funding requirements. This truly is a testament to the customer centric approach we are taking to our block relationships”.