Praetura Commercial Finance supports Cheshire-based Egertons’ growth with £5.3m funding facility
28th July 2022, 12:36 pm
Praetura Commercial Finance has provided £5.3m of funding to support Egertons, one of the UK’s leading vehicle rescue and recovery operators, to enable their growth plans across the UK.
Based in Mobberley, Cheshire, Egertons is one of the UK’s leading vehicle rescue and recovery operators, with over 400 vehicles and 26 sites across the UK. The business supports a diverse range of clients including SMEs, blue-chip businesses and large public sector organisations with roadside repair and breakdown recovery.
Egertons – which was founded in 1962 – delivers its rescue and recovery services through three main trading companies: Egertons, the Mansfield group and EFM.
As demand for its services grew, Egertons reached out to its professional partners to re-examine its working capital provision. The business chose to partner with Praetura Commercial Finance due to its reputation as an entrepreneurial finance provider.
Within 24 hours, the team had been to visit Egertons to understand the businesses sales cycle and logistical model. The ‘time to cash’ from first introduction was just two weeks. A noticeably different approach to conventional lenders.
Les Brooke, finance director at Egertons, said: “The facility offered by Praetura Commercial Finance has been an excellent solution to enable us to fund the growth of the group. They spent time to gain a real commercial understanding of our business and delivered on the terms they offered at speed. It makes a real difference when we can speak directly to decision makers.”
Stuart Bates, commercial director at Praetura Commercial Finance, added: “We want to be the finance partner of choice for ambitious and entrepreneurial UK SMEs. In the current climate, we’re working with great businesses like Egertons to help them to remain adaptable and reactive to the current challenges of the UK economy. It was great to work with Les and the team on this transaction, and we look forward to supporting them in the future.”
Praetura Commercial Finance is part of the Praetura Group, a specialist equity and debt funding business aimed at providing an alternative to more rigid institutional lenders. Founded in 2011, the group posted record figures in 2021 and increased its total loan book to over £200m.
According to the recent Experian M&A Review, Praetura Commercial Finance was the North West’s leading debt provider in 2021.
Damian McGann at Funding Friends Ltd provided debt advisory advice to Egertons.
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