Private & Commercial Finance Group (PCFG), the AIM-listed finance group based in the City of London, has drawn down an additional £13.5 million against a £25 million funding facility to support its mobilisation following receipt of its banking licence.
PCFG, which offers both hire purchase and finance lease facilities to consumers and small and medium-sized enterprises throughout the UK received its banking licence from the UK regulators, Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA), in December 2016.
The block discounting facility has been provided by Aldermore, the specialist bank, and the drawdown is believed to be amongst the largest single drawings concluded in the market. The funding will help PCFG as it moves through the mobilisation period following receipt of its banking licence, with its launch of savings products to retail customers anticipated to take place in the summer of 2017.
Since it was established in 1993, PCFG has helped over 60,000 customers with finance to purchase vehicles, plant & machinery and other equipment. The company’s finance portfolio now exceeds £125 million and it has 55 employees.
Scott Maybury, Chief Executive Officer at PCFG, said: “I would like to thank Aldermore for their continued support of our business. We have enjoyed an excellent relationship with Aldermore since 2012 and their understanding of our lending markets makes them an ideal long term partner for PCFG.”
Lee Rhodes, Commercial Director, Wholesale and Structured Asset Finance at Aldermore, said: “Our relationship with PCFG goes from strength to strength. We were thrilled to offer them our largest ever single block discounting facility and one of the largest facilities that we have seen in the market. As PCFG looks forward to a bright future thanks to its new banking licence, the funding we have provided will ensure that the company has the financial means to meet growing customer demand.”
For further information, journalists can contact:
Chantal Heckford or Tom Pavey-Smith, Lansons
Phone: 020 7294 3630 / 020 7294 3606
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