Wednesday, November 20, 2013

News: Norton Finance secures backing for growth

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Rotherham-based Norton Finance, one of the UK's leading specialists in the loans and regulated mortgage markets, has secured a large banking facility to support its further growth.

Based on Mansfield Road in the town centre, the family owned business operates as a group of companies including a profitable lending arm and divisions specialising in loans and mortgages and debt management. It employs around 240 people and celebrates its 40th birthday this year.

Funding has been secured from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB) and will be used to refinance its existing debt and support its continued expansion plans.

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Norton Financial Services is now known as Norton Home Loans and the credit facility has enabled Norton to increase its existing first and second charge lending and increase loan sizes, reduce rates and use a standard lender fee.

Paul Stringer, director at Norton Finance, said: "We are delighted to have secured financial backing from RBS CIB which is a testament to the Norton Finance Group’s business model and its many years of success in the loans and mortgage market. The new funding puts us in a very strong position and will allow us take advantage of the predicted increase in lending in 2014."

Nick Parkhouse, senior director – FI Structured Finance, RBS CIB, who led the deal, added: "We're delighted to close this transaction with Norton and support them in their growth plans. The mortgage market is one RBS has good experience in lending to and we are especially pleased to work with a management team who have built such a successful business and to be assisting them in their next phase of growth."

Last year, parts of the group - Norton Finance (UK) and Norton Insurance Services Limited entered administration. They provided a loan and brokerage service and also advised and sold Payment Protection Insurance (PPI). Midlands doorstep lender and motor finance company, S&U plc acquired the home credit business. A pre-pack deal saw another group company, Norton Finance and Mortgage Limited buy assets from the companies in administration for £10,000.

For 2012, Norton Finance reported a turnover of £12m and profits of £900,000.

Norton Finance website

Images: Norton Finance

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