Firms from across the North West have benefited from more than £3.1m by unlocking capital tied up in their business.
The figures, released by Manchester and Blackpool-based Praetura Asset Finance, show that 40 companies utilised asset finance to purchase new equipment, invest in growth or address financial issues within the organisation.
More than a third of the businesses (40 per cent) were from the construction sector, more than £1m of the overall figure, demonstrating that steps are being made in order to capitalise on the positive upturn in the sector’s fortunes.
Manufacturing companies also make up 15 per cent of those accessing asset finance, with in excess of £500,000 being made available to those operating in the sector.
Praetura is the first truly independently-owned asset finance company to enter the market for 15 years.
Established by the former managing director of One Business Finance (part of Close Brothers) in January 2014, the business works with brokers, corporate financiers, auditors and turnaround specialists to provide a “best-fit” financing solution based on the needs of individual customers.
Paul Mountain, business development manager for the North of England, said: “We can often provide finance for companies that have been unsuccessful elsewhere, so we’re very pleased to have completed 40 deals in just eight months.”