A leasing company known to many catering equipment manufacturers through its involvement in recent CESA conferences has received an £80m investment.
Staffordshire-based Shire Leasing revealed the facility comprises £40m from the British Business Bank and £40m from private sector funding. The Business Bank’s investment is its first structured as a block discounting facility.
Based in Staffordshire, Shire already supports 11,000 SMEs across the UK, but the investment means it will be able to double the level of finance it currently provides to firms.
Shire leases enable small businesses to acquire a wide range of key assets including catering equipment as well as office and IT equipment.
The average lease size is £6,000 and the average agreement term is 48 months.
The investment reflects the government’s commitment to promoting greater use of asset finance and alternative lenders to the big high street banks.
Mark Picken, CEO of Shire Leasing, said: “We see a real opportunity to expand into a market that the banks have pulled back from. Ours is an exciting and innovative product which will help thousands of small firms make investments and take advantage of the new growth in the economy.”
Shire employs 130 people and has a customer base that spans both the manufacturing and service industries.