Investec Asset Finance has supported PCF Bank’s funding strategy with a £15 million block discounting facility.
Established in 1994, 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.
With a strong focus on growth, PCF Bank needed to simplify its borrowing structure and approached Investec Asset Finance’s Wholesale Lending team earlier this year to discuss how they could support the bank in achieving this.
“We wanted to work with a partner who understood the goals we needed to achieve and by when,” explains Scott Maybury, CEO 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.”
Gregg Pietersen from Investec’s Wholesale lending team explains how they were able to support PCF Bank:
“We worked closing with PCF to get a deep understanding of what they 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 £15 million block discounting solution that would help the bank to simplify its borrowing structure which meant they could then focus on their growth objectives.”
According to Gregg, block discounting is a type of wholesale lending facilities offered by Investec. He explains 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,” 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.”