Speaking at a Davenham-hosted event at the Institute of Directors on Pall Mall, London, chief executive David Coates said the recently completed refinancing of the business was a "vote of confidence" in the company's strategy. 

"We have both the funding to provide finance against all classes of fixed assets such as plant, machinery and commercial vehicles, while at the same time being able to support those clients and prospects which require working capital against stock and debtors," he said.

However, Coates added that the company was being both "cautious and selective".

The group also confirmed that it would not be writing new business for commercial property "for the foreseeable future".

Values of commercial property have fallen by between 20-30% and the group is facing approximately £30m of impaired loans in its property division.

Coates said: "I would like to stress, however, that we have not exited the property market long term."