Investec Asset Finance has provided PCF Bank with a £15m block discounting facility to support the bank's funding strategy.
The newly launched bank turned to Investec when it needed to simplify its borrowing structure.
“We wanted to work with a partner who understood the goals we needed to achieve and by when,” explained Scott Maybury, CEO of PCF Group (pictured above).
“It was important that the funding structure be kept simple, but that it was of sufficient scale to allow us to focus on delivering our growth plans.”
Gregg Pietersen, a member of Investec's wholesale lending team, said it worked closely with PCF Bank to get a deep understanding of what it wanted to achieve before presenting a suitable funding solution.
“It was clear from the outset that PCF needed support with a large facility and that speed, flexibility and simplicity were important to them.
“We presented PCF with a £15m block discounting solution that would help the bank to simplify its borrowing structure, which meant they could then focus on their growth objectives.”
Gregg explained that block discounting facilities are suitable for companies looking to release capital tied up in finance agreements to reinvest in their business for growth.
“This transaction demonstrates how we are able to provide large, first-time facilities to support our clients,” said Gregg.
“It's our ambition to continue supporting UK businesses by delivering funding solutions that are relevant and to pair that with excellent understanding of customer requirements to help our customers achieve their ambitions.”
PCF was established in 1994 and earlier this year launched its banking operation.
It provides a range of savings and finance products, including hire purchase and finance lease facilities for vehicle, plant and equipment.
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