A new premium finance operation has signed up 25 commercial brokers and hopes to have 250 on its books by the end of 2003.

Aascent Finance Company sales and marketing director Simon Horswell said the company could take "very large facilities" from brokers because it had backing from Barclays Bank.

Horswell said the company would only work with commercial broking clients as "Close Premium Finance and Premium Credit have the personal side sorted".