Secure Trust Bank’s new Asset Finance division leads to stronger partnership with Haydock

Secure Trust has also appointed Haydock Finance Ltd (Haydock), one of the largest independent finance companies in the UK, as its authorized representative for hire purchase and leasing.

The long-term partnership allows Secure Trust to access a wide range of Haydock’s asset financing services, assisting the firm in sourcing new business and providing support to clients on an ongoing basis.  

Steve Worrall, managing director at Haydock Finance, said: “Haydock is well established in the asset finance industry, and this partnership will be incremental in helping Secure Trust Bank’s asset finance division during its initial stages of development.

“While the partnership is mutually beneficial, it is completely unique in our industry and provides Secure Trust with proven systems and resource so that it can quickly establish a presence in the market. This will allow both companies to compete with stronger balance sheets and higher value assets, and we are very much looking forward to working together.”  

Paul Marston, managing director of business and commercial at Secure Trust Bank (pictured above), said: “We are delighted to announce the launch of the asset finance arm in addition to our commercial finance business which entered the marketplace back in September.

“Our business and commercial division is now able to offer SMEs a full suite of solutions to achieve the funding their business needs to grow.  

“Secure Trust provides SMEs with an offering that is unmatched by high street lenders. Our customers are able to benefit from fast decision-making and transfer of funds along with local advisors – as well as the support of a major financial institution. In addition, the appointment of Haydock Finance as our authorized representative further strengthens our asset finance offering, and will be central in assisting us in building the business during the coming months.”  

Take-up of asset finance by UK SMEs has increased substantially in recent years; with 2014 figures showing a 14% increase on the previous year to £25.4 billion – the strongest annual rate of growth since the onset of the financial crisis, which outlines the opportunity in the marketplace.

Asset Based Finance Association figures recently revealed that asset based finance now accounts for 15.7% of UK GDP, higher than the European average of 8.5%. 2015 is expected to see the industry surpass its pre-recession peak.