UK SME asset finance provider STAR Asset Finance Ltd (“SAFL”) has seen its net receivables hit £100 Million - well ahead of target.
The SAFL Group comprises four leasing companies – Kennet Equipment Leasing Ltd, Ignition Credit PLC, First Capital Finance Ltd and the Credo Group.
SAFL was established with a specific focus to consolidate the asset finance broker market. The strategy is to acquire independent asset finance businesses, typically brokers who have relationships with end users, dealers, distributors and manufacturers, and combine them to create a new leasing business of size focusing on direct leasing to small and medium sized enterprises (“SMEs”). The key focus is to grow own book investment by retaining a significant volume of leases originally financed by funding institutions and diversify funding sources.
STAR Asset Finance CEO Steve Swift said of the results, “The group has achieved this impressive milestone in part due to the support it receives from both STAR and our other funders. With our own considerable financial resources available to underwrite more deals ourselves, we can offer even greater customer choice via both brokered and Own Book channels.
“SAFL continues to strive to give impressive levels of customer service and our growth continues apace. It is our primary commitment to build SAFL into one of the largest UK leasing finance providers for SME businesses.
“As a result of our impressive growth, we are always looking for committed and experienced finance professionals who would like to join this exciting journey with us.”