Glasgow-based Startline Motor Finance said it has carried out a new £450 million London Stock Exchange securitisation.

“The move has seen the company float around three quarters of its existing assets under management as part of the securitisation programme, listed under the name Satus, with the business also maintaining its ongoing funding relationship with global bank J.P. Morgan,” said Startline.

“It follows an earlier £292 million securitisation carried out in late 2021 which, like the new securitisation, was significantly oversubscribed.”

Founded in 2013, Startline said it has 80,000 customers, £600 million of assets under management and employs 200 people at its Skypark head offices.

Specialising in near prime motor finance, it works with around half of the UK’s top 50 franchise motor dealers by turnover as well as 70% of the top 50 independent car retailers, accounting for around 2% of the total UK motor finance market.

Startline CEO Paul Burgess said: “The new securitisation attracted a broad and diverse pool of high quality international investors and was significantly oversubscribed, which is something of a rarity and a testament to the quality of business that the team here in Glasgow is writing.

“This is a strategy designed to help us make more efficient use of our capital and diversify our funding. In the future, we plan to carry out further regular securitisations and also potentially access mezzanine funding. It will give us the right mix to continue to expand, we believe.”