Manchester-based motorcycle broker Principal Insurance has obtained a £250,000 business loan from Yorkshire Bank to boost its marketing activity, invest in new technology and recruit additional staff. This is the first time that Principal, which was founded in 2011 and now generates more than £3m in annual premium income, has sought external funding.
Commenting on this finance deal, company chairman Damian Keeling said: “Whilst our previous growth has undoubtedly been impressive to break through to the next level, to really shake up the markets in which we operate, we needed additional financial support. Yorkshire Bank clearly recognised the strength of our business plan and the experience and expertise within the business which is driving Principal forward at such a pace. We’re delighted not just to have secured this significant funding but the vote of confidence from the bank that it signals.”