British Business Investments has announced a £15 million uplift to its existing facility with Southampton-based specialist asset finance company Liberty Leasing. The transaction, which increases the £15 million facility made to Liberty Leasing in 2021 to a total £30 million, will improve access to finance for smaller businesses in the construction, engineering, transport, agriculture, and printing sectors.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to improve access to alternative finance for smaller businesses across the whole of the UK, while supporting the UK’s transition to a net zero economy. Since it was established in 2014, British Business Investments has committed more than £3.8 billion to providers of finance to UK smaller businesses.
Liberty Leasing is an established alternative finance provider with an evidenced track record of lending to UK smaller businesses. In April, the company announced it would begin to operate under an Employee Ownership Trust (EOT), allowing Liberty staff to participate in and influence the company’s future direction, without having to directly own or buy shares. Sectors supported by the company are comprised of UK smaller businesses which operate within the £0.5m to £25m turnover space.
Adam Kelly, Managing Director at British Business Investments said: “We are pleased to offer a facility increase of £15m to Liberty Leasing. Independent operators like Liberty Leasing help diversify the UK’s smaller business finance market and provide more choice for businesses. Our investment will help smaller businesses across the UK to get funding for assets they need to continue their growth.”
Alan Cooper, Finance Director of Liberty Leasing, said: “The £15 million extension of the British Business Investments facility is an exciting opportunity for us to develop our existing customer base by providing much needed access to asset finance for UK smaller businesses. Demand from smaller businesses continues to grow and Liberty Leasing is proud to be a leader in supporting their financing needs.”
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