HENRY HOWARD FINANCE (Newport)

Origins

Twenty years ago, the Directors identified that there was a gap in the market for an independent, agile, entrepreneurial finance house that could support the UK SME market. They wanted to implement user-friendly and efficient alternatives to traditional bank lending to help small and medium sized businesses to thrive.

Our main challenges when starting the business

As with any new start company, initial challenges included the recruitment of the right staff, who understood the ultimate vision.

Success Factor

In 2014, HHF received a £25m investment from Cabot Square Capital. This significant investment allowed the business to restructure into four specialised divisions and has facilitated an increase in lending capacity. HHF are also one of three UK finance providers to secure a British Business Bank enabled funding line, the others being Hitachi and LDF.Also, in the last 12 months significant advances have been made in the technology used to run HHF. HHF have developed an online leasing portal called ‘Howapp’, a simple, user-friendly online credit decision and deal management tool. The platform provides customers and partners access to leading financial products whilst eliminating the (often lengthy) paperwork process. Together, the investment, restructuring and the new technology have contributed to new efficiencies across the business, and ultimately rapid growth.

The Future

The recent restructuring of Henry Howard Finance into four specialist branches allows HHF to offer clients a full raft of services normally only accessible through mainstream banks. Over the next five years, it aims to develop and grow the four specialist branches to serve its customers’ needs first and foremost.