Photo Caption: Joint MDs Alex Beardsley, (ABL Business) Neil Manaley, (Praesum Partners) Tim Thornton (Praesum Partners) and Andy Redman (ABL Business).
Yorkshire-based business consultancies ABL Business and Praesum Partners have agreed a partnership deal to provide a specialist commercial funding service to high worth entrepreneurs and their businesses across the globe.
The new operation can fund business activities even where banks or traditional funding sources are reticent or too slow to react to a changing market and opportunities that such changes present for early adopters.
The companies’ deep understanding of the commercial aspects of finance-raising, combined with a their knowledge of the issues facing family offices, trustees of family businesses, partnerships and investment companies, means they can get quick decisions for business projects.
Since joining forces, the two companies have already collaborated to source commercial funding for major UK and international projects in Dublin, Monaco, Dubai and the Georgian capital, Tblisi. These range from property developments, such as hotels and luxury apartments to biotech businesses and technology innovations for export to developing countries.
Andy Redman, joint Managing Director of ABL Business, said: “The proposition naturally includes funding packages for high-value assets for time-constrained entrepreneurs - items such as private jets and helicopters as well as luxury cars and yachts. Yet we are equally at home with asset financing, from car fleets to specialised plant, project finance, development finance, invoice finance, commercial property finance and straight-forward business finance.
“One key distinction is that having over 120 lenders on our panel, including entrepreneurial groups of funders, means we are not reliant on one source to finance any particular transaction. Factoring lending requirements in this way means we can get to “yes” on very commercial terms in most cases presented to us”.
ABL Business, based in Cleckheaton, West Yorkshire, provides asset and development finance to businesses and has been growing rapidly and expanding out across the UK since launching nearly five years ago. This new deal will take the company to the next level, enabling them to reach an affluent and influential international market.
Praesum Partners, based in Wetherby, near Leeds, are advisors to HNWIs (High Net Worth Individuals) – people earning over £100,000 p/a, or having investable assets worth more than £250,000 - and Ultra HNWIs - those with assets of £20million or more.
Neil Manaley, joint Managing Director of Praesum Partners, said: “Our clients and contacts have been asking us for some time to find a solution to the ever-widening “funding gap” - that is the gap between what commercial lenders will or will not do and what is then left for traditional equity providers. When it comes to raising finance, clients prefer to have all their transactions securely arranged through one dedicated advisor team who know them well and have worked closely with them to understand their specific needs”.
“By joining forces with ABL we are able to bring our clients some certainty in an uncertain market, bringing direct access to commercial finance when they need it, thus providing a seamless end-to-end service”.
Andy Redman added: “With access to 120 funding providers, we’ve been able to help thousands of businesses, mainly SMEs, to grow by finding them the funding they need. We’ve been extending that support across the UK through a growing network of appointed representatives who are in a position to liaise with their local business communities.
“This relationship with Praesum Partners enables us to reach a completely new client group on a global level. We’re extremely excited to be sourcing funding for such major projects - some amounting to multi-million pound international developments - and helping them to come to fruition.”
For more information about ABL Business Ltd visit www.abl-business.co.uk