Extended Facility
Northampton based Billing Finance is a family owned, independent provider of hire purchase finance, principally for second hand cars, light commercial vans, leisure vehicles and motorbikes. Founded by James Mackaness in 1983 as a general asset finance company, the company is celebrating its 35th birthday on 23rd May 2018. Royal Bank of Scotland has supported Billing Finance since 2014 with a revolving financing facility and the company is delighted to announce that Commerzbank has joined and extended the financing facility to £50m.
Oliver Mackaness commented, “Billing Finance is delighted with its new facility and excited about Commerzbank becoming an important partner in the Billing family. Our ambition for the company is sensible growth and to continue to put our customers at the heart of everything we do. We have worked closely with Royal Bank of Scotland for the last 4 years and are grateful for their continued support of the business.” Stuart Stevens from Asgard Partners ably assisted Billing in making this deal happen.
Eoin Moore, Managing Director in the Asset Solutions & Structured Finance team within the Corporate Finance division of Commerzbank, said: “Commerzbank has a strong track record in providing tailored financing solutions to independent asset finance companies in the UK. We are delighted to partner with Billing Finance on this facility, which will support the continued growth of the Billing Finance business.”
Hugh Riddlesdell, from Royal Bank of Scotland’s Commercial & Private division, said: “Royal Bank of Scotland has a long and trusted relationship with Billing Finance and we are delighted to be able to work with Commerzbank to build on three decades of success and help it achieve its growth aspirations for the future.”
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