Category Archives: Company News

Join the Kingsway team

We have an exciting new opportunity to join the Kingsway Team, as we are recruiting for a Sales Administrator to join our Operations department at our HQ in Wilmslow.

The successful applicant will report directly to our New Business Manager and will be responsible for end-to-end proposal management, documentation production and pay-out processing, general customer service and broker support.


Main responsibilities include:

  • Efficient proposal processing and management
  • Conducting customer credit checks and preparing proposals for underwriting
  • Accurate document production and completion
  • Effective management of pay-out process
  • Providing support to underwriting, sales and brokers
  • Maintaining and providing a high level of administration support, in line with regulatory requirements and company expectations

Experience and personal qualities required:

  • Numerate and computer literate with analytical ability
  • Effective communicator with an excellent telephone manner, customer service focused and a team player
  • Ability to prioritise and manage own work delivering quality outputs within agreed timescales
  • Practical problem-solving competence

The successful candidate will receive a competitive salary and benefits, pension, 28 days holiday (+ bank holidays).

Kingsway Asset Finance is part of the Praetura Group head-quartered in Manchester.

For more information, or to apply to be considered for the role, please email apply@praetura.co.uk.

Helping the buds of new business blossom

Over the past 12 to 15 months there has been an enormous concentration on providing funding to SMEs across the UK that have been severely hampered by the effects of a global pandemic.

The funding available from Kingsway Asset Finance is not only available for UK businesses going through those challenging times, but also for expanding and diversifying businesses, as well as the many new businesses that are emerging.

One example of Kingsway’s funding helping a new business was when we were recently asked to provide assistance for an innovative new company looking to offer a family-friendly office space and business centre. Among the many added attractions to the business and workers were an on-site childcare facility and nursery, cafe, play centre and events space, all under one roof.

The application for funding was to allow them to lease various types of equipment including tables and benches, seating and shelving, a nursery kitchen including work top units, acoustic panelling, fireplace cabinets, chairs, air-conditioning and audio visual equipment storage.

By leasing the equipment the customer was able to pay for it whilst it makes money for their business, rather than paying for the assets upfront and utilising essential cash reserves best used as working capital for the day to day running of the new business.

The enquiry came from Astmoor Finance, a broker new to Kingsway, so first things first, our BDM spent time with them to guide them through the initial proposal requirements – ensuring everything was in place to enable the deal to be reviewed by our credit team. Once all the basic information had been gathered, the proposal was formally submitted to underwriting , with the acceptance issued the very same day.

A minimum term finance lease to the value of £25,000 was arranged to provide finance for all the equipment required.

But we were up against time – an opening day had been arranged with invites sent out to local businesses and residents… the clock was ticking…

So now it was time for our Operations team to step in: working closely with the new broker to ensure the correct documentation was received and correctly completed and then processed for pay out. It wasn’t the easiest of deals to complete due to the many different assets and suppliers, all with different demands and expectations.

But the deal was completed in time for all the equipment to be delivered and installed ready for the grand opening, much to the satisfaction of the broker, their customer and their suppliers.

Operations Executive at Astmoor Finance, Robyn Gudgion commented: “we all really appreciate the assistance that Kingsway and Michelle Taylor-Mitchell in particular have given us to get this one over the line. You went above and beyond and we’re really excited for the next deal with you guys”.

Mike Day, Sales Director at Kingsway Asset Finance added: “this was a deal that illustrated how the team at Kingsway will always go the extra mile to help meet the demands of the customer, broker and supplier to create an excellent broker experience when dealing with Kingsway”.

 

Kingsway work in partnership with a wide range of asset finance brokers and business finance advisers throughout the UK. Kingsway are a patron of the National Association of Commercial Finance Brokers (NACFB), who are an accredited trade body representing over 1,900 commercial finance brokers in England, Wales, Scotland and Northern Ireland. A list of member brokers can be found on their website: www.findsmefinance.co.uk.

If you’re a broker or business finance adviser and want to find out more about working in partnership with Kingsway and the funding solutions we offer, please don’t hesitate to get in touch by calling 01625 540 600 or emailing enquiries@kingswayfinance.com.

 

Kingsway Asset Finance Ltd accredited under Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme is now closed to new applications.

If you have a query about CBILS, or wish to discuss an outstanding application, please contact us in the usual way.

 

The Praetura Asset Finance (PAF) Group are pleased to announce that Kingsway Asset Finance Ltd has been accredited as a new lender for the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.

Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Group company Kingsway Asset Finance will be offering CBILS term loan funding from £50,001 to £150,000 over two to five years, with no capital repayments for the first twelve months and no interest or fees payable for the first year of the agreement.

Peadar O Reilly, chief executive officer of Praetura Asset Finance Group, said: “This is another important development for the Praetura Asset Finance Group, giving further capability to enhance the range of funding facilities for small and medium-sized businesses in the group’s portfolio. The new CBILS funding facilities are vital to help our customers (both old and new) to stabilise, adapt and diversify”.

Applications for the new CBILS facilities will be opened to both new and existing SME customers of Kingsway Asset Finance via referrals from a select panel of approved broker and intermediary partners.

Mike Day, sales director at Kingsway Asset Finance, said: “At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market. Now as an accredited non-bank lender, under the government backed CBILS initiative, we look forward to providing qualifying businesses with the much-needed support they require during these testing times, via our panel of selected intermediaries”.

 

 

About the Coronavirus Business Interruption Loan Scheme

 

The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

Under CBILS, the first 12 months of interest on the facility and any arrangement fees will be paid by the UK government as a Business Interruption Payment. This means smaller businesses will benefit from no upfront costs and lower initial repayments. 

Detailed information on CBILS can be found on the British Business Bank website – Coronavirus Business Interruption Loan Scheme (CBILS).

 

 

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorized or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS.

Almost “normal” service resumed…

Kingsway still remains very much open for business; we thank you all for your continued support and understanding during these unprecedented times.

We are gradually bringing colleagues back in to the office with their safety being of the upmost importance. We’re pleased to advise that an almost “normal” service has now resumed with telephone calls being answered between 9am – 2pm.

Some staff are still working remotely, please continue to bear with us and where possible and email enquiries@kingswayfinance.com so we can direct your enquiry to the right team for a swifter response.

Thank you again for your patience.

Covid-19

Due to Covid-19 and the Government restrictions currently in place, most of our staff are working remotely, therefore telephone calls to the office are limited at this time.

We request that ALL contact is initially made by emailing enquiries@kingswayfinance.com for a swifter response.

Thank you for patience and understanding during this time.

 

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Kingsway promotes Day to the board

    Kingsway Asset Finance has announced the promotion of Mike Day to the board of directors.

    Following a year of change and growth, with Kingsway becoming part of the Praetura Asset Finance ‘PAF’ Group, the newly created role of Sales Director is part of the next phase of growth for the company.

    With over 35 years experience in the industry, Mike has spent the past 15 years leading the sales team at Kingsway, in the role of sales manager.

     

    Adrian Anthon, managing director at Kingsway Asset Finance said: “The promotion is both in recognition of Mike’s important contribution to Kingsway’s success to date, along with the enhanced responsibility that Mike will be assuming, as a result of the company’s ambitious growth plans”.

    Mike Day commented: “I feel very proud that the efforts of both myself and my team have been recognised in such a way. I look forward to the challenges ahead”.

     

    When asked about the future plans for Kingsway’s sales team, Mike told us: “The future for Kingsway is very bright! As part of the rapidly growing Praetura ‘PAF’ Group, I am looking forward to expanding our sales team; through a combination of recruiting the best graduate trainees and experienced broker managers, to compliment the well-respected team we already have working here.

    Our core values of being an asset to both the introducers we work with and their clients, will never waiver. Together we aim to be an integral part of the PAF Group becoming the independent funder of choice for asset finance brokers and business finance advisers (and their clients), throughout the UK”.

    Commercial SME Loans

    With the increased funding and flexibility that is now available to Kingsway, we’re able to offer our Brokers and Introducers a Commercial Loan product for their SME customers.

    The minimum loan amount is £25,000 and the maximum is £75,000. Terms between 1-3 years are available and Directors Guarantees are mandatory. Non-Regulated loan business only and a 1% Administration Fee applies.

    Certain sector exclusions apply in line with Kingsway’s Underwriting Guidelines and strictly no adverse. Speak to your Broker Manager today for more information on the required criteria and rates.

    Sale & Lease/HP Back now available for invoices up to 5 years old!

    Kingsway is now able to consider equipment that was purchased up to 5 years ago for Sale & Lease back and Sale & Hire Purchase back.

    We will consider proposals where the original invoice is available for our retention, it is no more than 60 months old and proof of original payment is evidenced.

    Guarantees are mandatory for all corporate entities and generally a minimum IRR of 14% will apply.

    This facility can also be used in circumstances where the equipment supplier is based outside the UK and the customer has had to make payment in advance of the equipment being dispatched. Standard rates will apply in this event and guarantees will not be mandatory.

    Kingsway (Praetura Group) secures £75m lending facility from NatWest

    Praetura Asset Finance Group (PAF Group), are proud to announce that they have closed a £75m securitisation facility with NatWest Markets. The rated facility will allow PAF Group to expand its origination capacity, enabling growth in its loan book to provide up to £200m to SMEs across the UK.

    Having already received £30m in funding from NatWest into PAF Group’s existing loan books, this latest financing for Praetura is a further sign of the strength of the business. The facility will enable PAF Group to increase its funding capacity.

    The deal is part of PAF Group’s long-term strategy of leading organic growth and consolidation in the sector, having recently acquired Cheshire-based Kingsway Finance in a seven-figure deal. Now, as one of the UK’s largest asset finance lenders, the company is well on track to pass its target of a £250m loan book by 2021.

    Peadar O’Reilly, Founding Director of Praetura Asset Finance Group, who led and structured the transaction, said: “This securitisation is an exciting development for Praetura, not least because it validates the quality of our loan book and the talent of our team. With our debt rated for public markets, it forms a platform for organic growth and gives us further capability to enhance that growth through the acquisition of complementary businesses and/or teams. We’re an ambitious company; we set Praetura Asset Finance up five years ago and we now have a loan book of over £100m. This inaugural securitisation will help us grow the company significantly and continue to achieve new ambitions.”

    George Ross, Director, Financial Institutions Origination & Solutions, NatWest Markets, said: “We are pleased to have helped Praetura with a financing solution to meet its growth ambitions. This rated facility is a key step towards enabling Praetura to access capital markets for a public debt issuance in the future.”

    Praetura Asset Finance Group was supported in the securitisation by EY and RM Funds, a subsidiary of RM Capital. EY served as financial advisor to Praetura, helping the company to source its financing partners, structure the rated transaction and develop a hedging strategy. RM Capital provided funding for the securitisation, while also advising on the process.

    Jordan Blakesley, Senior Manager, EY FS Corporate Finance team, said: “We’re very pleased to have advised Praetura on this transaction. The securitisation demonstrates the strength of PAF Group and the new structure provides the capacity to support even more UK SMEs with their financing needs.”

    Pietro Nicholls, Portfolio Manager, RM Funds, commented: “We are delighted to support Praetura with their long-term growth strategy. RM Funds continues to grow and diversify its portfolio of secured, high quality debt investments. This is our third investment with Praetura and seventh investment into the speciality finance sector to date.”

    Kingsway becomes part of Praetura Group

    Praetura Asset Finance have today announced the expansion of their portfolio, through the acquisition of Kingsway Asset Finance.

    The acquisition will create one of the largest independent asset finance companies in the UK. With a combined loan book of over £100m, the enlarged group will offer SMEs a wide range of services to help them thrive and grow.

    Praetura’s expertise in hard assets combined with Kingsway’s specialist knowledge of soft assets and business loans will give the group more flexibility in its approach to lending and help it scale more quickly.

    Founded in 2013, Praetura Asset Finance was the first truly independent asset finance funder to enter the UK marketplace in 15 years. Its client-focused and flexible approach to lending has enabled the business to rapidly grow and cement its position within the industry. The deal with Kingsway – itself one of the UK’s longest established independent asset finance and leasing companies – marks Praetura’s first acquisition after years of organic growth.

    By combining their expertise, the now 40-strong team will be able to undertake larger and more valuable deals. As part of the Praetura Asset Finance group, Kingsway will be able to access a wider, more secure funding platform, enabling faster growth. Adrian Anthon, the Managing Director of Kingsway, joins the board of Praetura Asset Finance, as well as taking equity in the combined group.

    Mike Hartley, managing director of Praetura Asset Finance, said: “After achieving our five-year plan of building a loan book in excess of £60m, we wanted to take the business to the next level. Our new ‘buy and build’ model will be a key part of our growth strategy moving forward, and Kingsway Asset Finance was the perfect company to join us on this journey. The company complements what Praetura already does, allowing us to widen the group’s product range and help us get to where we want to be as a business.”

    Peadar O’Reilly, founding director of Praetura Asset Finance, said: “The fact that Kingsway is a well-known business established on the same foundations as us was really important. They’ve got a talented team with strong management and an exceptional commitment to customer service, helping this country’s small and medium-sized businesses to fulfil their potential”.

    Adrian Anthon, managing director of Kingsway Finance, said: “After 21 years as an independent company, I am delighted that Kingsway has joined the Praetura Asset Finance Group. From my first contact with Praetura, I was enthused by our common vision for the future of the enlarged entity and what we can achieve together. The fact that both companies have their own specific strengths and very little overlap was an important factor in my decision to sell Kingsway to Praetura Asset Finance.”

    The acquisition was financed by RM Funds, a specialist provider of tailored debt solutions, which structured, executed and subscribed to an initial issuance of a £15m bespoke Loan Note programme.

    Pietro Nicholls, Portfolio Manager at RM Capital, said: “We are delighted to support Praetura in their acquisition of Kingsway Finance. With a well-established mid-market enterprise, demonstrable cash flows and a highly experienced management team, Praetura fits our selective investment criteria. RM Funds is focused on growing and diversifying our portfolio of secured, high quality debt investments.”