Record year for Northampton commercial finance firm

Alex Read

Northampton-based commercial finance business, Portman Asset Finance, is celebrating the results of its end of quarter financial figures, following the news that the company has secured a record £30 million in originated funding for 550 businesses over the last three months.

The company, which was founded in 2007 and specialises in helping businesses to fund big projects or acquire infrastructure to facilitate growth, is experiencing a record year, bucking the industry trends associated with the impact of Brexit.

Alongside doubling the amount of originated funding secured for businesses for the same quarter in 2017 (£15 million), Portman has almost doubled the size of its workforce in the last year, and now employs 55 members of staff at its headquarters at Northampton Business Park.

Strong resilience from within the leisure and hospitality sectors, despite the rising pressure on UK businesses, has seen more companies than ever before in its 11-year history seeking finance to help launch their ventures or accelerate future growth.

Commenting on a successful year, Alex Read, chairman of Portman Asset Finance, said: “We’re delighted by the growth of Portman over the past 12 months and these impressive figures reflect the hard work of our growing team and, despite the headlines, the continued momentum of thousands of UK businesses that are striving for success despite recent reports.

“The hospitality and leisure sectors in particular continue to thrive and it’s been tremendous to witness the drive in openings from many of our franchise-model business partners such as Boost Trampoline Parks and Triple Two Coffee outlets.

“It’s particularly encouraging to see business owners realising the benefits of low lending rates, at a time where others might be a bit more cautious in their decision making.”

The company has announced it plans further increase the size of its team in 2019 as it aims to work closer with its partner businesses and lenders while diversifying into new industries and sectors.

Alex added: “In the next year, we expect more success and further growth as we continue to develop both our direct and vendor channels. Our focus will turn to the recruitment of quality talent from across the region, which may recognise the need for a larger office to house our growing team.

“We also have plans in the pipeline for a number of new products and added distribution channels, with more of a focus to support our deserving charity partners.”