Private & Commercial Finance Group (“PCFG”), the AIM-listed finance group based in the City of London, has drawn down an additional £13.5 million against a £25 million funding facility from Aldermore, to support its mobilisation following receipt of its banking licence. It’s believed to be amongst the largest single drawings concluded in the market.
PCFG, which offers both hire purchase and finance lease facilities to consumers and small and medium-sized enterprises throughout the UK received its banking licence from the UK regulators, Prudential Regulatory Authority (“PRA”) and Financial Conduct Authority (“FCA”), in December 2016.
Scott Maybury, Chief Executive Officer at PCFG, said, “I would like to thank Aldermore for their continued support of our business. We have enjoyed an excellent relationship with Aldermore since 2012 and their understanding of our lending markets makes them an ideal long term partner for PCFG.”