Propel, the UK’s fastest-growing asset finance lender, has been boosted with a new close to £500m financing round.
The Newport-based firm, once known as Howard Henry Finance and which provides finance to some 30,000 UK firms to acquire business-critical equipment, is expanding and diversifying its funding base following multiple initial funding rounds with the British Business Bank.
Investment bank Citi has structured a £275m private securitisation facility, while Quilam Capital has provided an additional £35m mezzanine and working capital facility, to enable the partial refinancing of Propel’s existing British Business Bank ENABLE funding facility and support further growth.
