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|Henry Howard Finance announces record year|
|Thursday, 21 April 2016|
Henry Howard Finance achieved a record year lending more than £75 million in 2015, it has revealed.
The Newport-based independent finance house announced it almost doubled its lending of £40 million from the previous year.
It is forecast to lend more than £100 million this year with plans to grow staff numbers to at least 100 by 2017.
The huge rise in lending was driven largely by the creation of HH Asset Finance and HH Cashflow Finance 18 months ago, Henry Howard Finance founder and chief operating officer Mark Crook explained.
Henry Howard Finance restructured into four divisions, HH Vendor, HH Asset, HH Cashflow and HH Retail Finance, in 2014 following a £25 million investment from Cabot Square Capital.
This has allowed the company to offer more specialised financial products and extend its reach across the UK.
Since the investment, staff numbers have grown by about 60 per cent to more than 90, with a new office opening in Solihull to add to those in Newport and London.
Mark Crook said: “Last year was a record year for us as our lending almost doubled, beating all our forecasts.
“This growth is largely down to the asset finance and cash flow branches of the business which were launched in 2014. They have allowed Henry Howard to diversify its offering and bring in a lot of new business.
“The investment from Cabot Square Capital also significantly extended our lending capacity.”
In the last 12 months significant advances have been made in the technology used to run HHF, giving customers and partners access to leading financial products.
HowApp is a simple, user-friendly online credit decision and deal management tool. In just “7 clicks/20 seconds” users can get an acceptance on finance agreements. The necessary documents can then be generated, sent and e-signed online.
The biggest cost of sale to vendors is time spent on the leasing transaction. HowApp has cut transaction times for HHF vendors by more than 90%, freeing up staff time.
The company was named Leasing World’s Vendor Specialist of the Year 2015.
“This is a finance house run for entrepreneurs by entrepreneurs, rather than bankers,” said Mark.
“Our success is thanks to our commitment to provide our customers with top quality service. We take the time to get to know our client businesses so that we can tailor financial solutions to best meet their needs.
“The restructuring of Henry Howard Finance into four specialist branches means we can offer clients a full raft of services normally only accessible through the banks but with the flexibility and speed of an independent finance provider.”
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