Haydock Finance increased its funding facilities with the Royal Bank of Scotland and the bank’s asset finance partner Lombard to £37.5 million ($49.5 million).

The firm is a family-owned independent provider of asset finance that offers credit facilities to SMEs and business users across the UK. Haydock Finance focuses upon critical hard assets including buses and coaches, commercial vehicles, industrial plant and machinery, cranes, forestry and agricultural equipment as well as machine tools.

The firm was founded in 1980 by Jon Wilkinson and was established originally as a motor finance provider. Since then it has evolved into one of the largest independent finance companies in the UK, now operating nationwide through a selected panel of approved finance brokers.

The funding package includes a £28.5 million ($37.63 million) revolving credit facility from the Royal Bank of Scotland and a £9 million ($11.88 million) block discounting line from Lombard. Haydock Finance, a long-standing client of the Royal Bank of Scotland, will use the funding for additional hire purchase, leasing and refinance proposals that will enable it to increase gross receivables above the current level of £100 million ($132.04 million).

Steve Worrall, managing director at Haydock Finance, said, “The team at Royal Bank of Scotland are very proactive and deliver bespoke funding solutions that meet our needs as our business grows. We have a strong business relationship with the team who understand our business and our strategic growth plans”

David Clarke, director at The Royal Bank of Scotland, said, “Haydock Finance has enjoyed a continued period of growth and development, and we believe the funding facilities will enable the business to continue forward with its business aspirations. We are delighted to support this asset finance company and wish it every success for the future.”