Investec Asset Finance has provided PCF Bank with a £15m block discounting facility.
PCF Bank provides a range of savings and finance products, including hire purchase and finance lease facilities for vehicle and plant and equipment, to over 70,000 customers across the UK.
PCF Bank approached Investec Asset Finance’s Wholesale Lending team earlier this year to discuss the facility.
“We wanted to work with a partner who understood the goals we needed to achieve and by when,” explains Scott Maybury, chief executive of PCF Group. “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.”
According to Gregg Pietersen, member of the block discounting team at Investec: “This transaction demonstrates how we are able to provide large first-time facilities to support our clients,” says 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.”