The investment comes from specialist financial services private equity investor Cabot Square Capital.
Henry Howard will also use the additional funding to develop further its comprehensive funding options and technological infrastructure, including the immediate launch of an online funding portal which offers instant financing decisions to vendors.
Mark Crook of Henry Howard Finance adds: “It is great to be working with Cabot Square who have an excellent track record of building highly successful financial services and lending businesses.”
“Their confidence in us is a reflection of the high quality and commitment of the staff we have here, and we are looking forward to working together to grow the business. We will be able to write much more business in-house, and to develop the range of financing solutions that we are able to offer.”
“The Henry Howard culture is to be responsive and flexible, and we know that is exactly what SMEs and vendors are crying out for.”
Richard McDougall, Investment Director at Cabot Square Capital adds: “It has been a turbulent few years in the SME financing marketplace and that is making life complicated and frustrating for both SMEs and equipment resellers.”
“We think there is a real demand for independent finance providers to step forward and become the long-term partner that SMEs and vendors can rely on to meet almost all of their finance needs.”