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Napthens advises as Praetura expands to new HQ
Independent asset finance specialist Praetura is moving to larger premises to meet its future growth plans.
Founded in 2013, Praetura Asset Finance describes itself as the first truly independent asset finance funder to enter the UK marketplace in 15 years. It aims to help SMEs thrive and grow with a range of tailored funding options.
Now Praetura, which recently acquired Wilmslow-based Kingsway Finance to create a finance company with a combined loan book of more than £100m, is moving its Blackburn HQ to larger premises.
The business has taken a ten-year lease on the former RBS building at Ewood House on Walker Park in the town, a 5,875sq ft space across two floors.
The business was advised by David Hill, partner in the Commercial Property team at regional law firm Napthens’ East Lancashire office in Blackburn.
When Praetura opened for business it had eight members of staff – it now has 30 and according to Mike Hartley, managing director, it has been clear for some time that growth plans meant the business’ old facilities at Haydock House were no longer large enough.
Future plans include doubling the number of staff working for the business.
David Hill of Napthens said: “Praetura’s expansion has been marked in recent years and the new HQ will allow for significant further expansion and hopefully be the start of a new phase of growth.”
Mike Hartley, managing director of Praetura Asset Finance, said: “Haydock House has been a fantastic home for us over the last five years, but the business has expanded and is continuing to do so.
“We felt it was time to move to bespoke premises and we are absolutely delighted to have found the perfect head office, in Ewood House at Walker Park.
“The move will allow us to develop the business further, taking us onwards and upwards, with the scope to grow the team and develop the business into the future.”