The UK’s largest independent invoice finance provider, Bibby Financial Services (BFS), has increased funding for corporate businesses in the Midlands region by more than 160% since the beginning of the year.
In 2016 so far BFS’s Midlands Corporate team has structured 24 new funding packages in the region compared with 9 in the same period during 2015. The BFS Corporate team is responsible for developing opportunities for larger SMEs requiring finance packages from £1M - £13M. Since its formation, the team has structured more than 420 deals across the UK.
Ben Smith, BFS’s Head of Corporate for the Midlands region, says that despite business uncertainty following the EU referendum, larger SMEs are continuing to seek working capital to grow.
Ben Smith commented: “The significant growth in our funding support for corporate SMEs in the region demonstrates that, despite initial apprehension following June’s referendum, UK businesses still have a strong appetite to access funding to grow.
“Specifically, we have seen increasing demand for working capital from those in manufacturing, automotive and construction sectors, which is a positive sign for the local economy. We have also witnessed a growing number of businesses in the region looking to release capital against assets such as plant/machinery and stock as well as receivables.”
Ben added: “Our strength lies in the relationships we build with our clients and intermediary partners alike. This large upswing in performance in the region has been enabled by our growing product portfolio, which now includes foreign exchange, asset finance and inventory funding building on our strong invoice finance heritage.
“We have a strong flow of opportunities in the pipeline and, as we move into the winter months, expect to see further growth in corporate deal numbers as larger SMEs look to prepare themselves financially for 2017 and beyond.”
BFS is the largest independent invoice finance provider in the country supporting more than 7,000 UK businesses. In 2015 the business refinanced, boosting its available funding for small and medium enterprises by £290m. Globally, the business’s funding capability amounts to more than £1bn.
Ben added: “We have grown our corporate financing capabilities in recent years and now support larger SMEs access funding for growth and expansion, management buy ins and buy outs, refinancing, corporate restructuring and mergers and acquisitions. Our latest figures are a positive sign for UK PLC and I’m confident we will be able to grow our financing support for firms in the Midlands even further before the end of the year.”
BFS’s Midlands Corporate team is based at Bank House, 8 Cherry Street, Birmingham, B2 5AL.
Bibby Financial Services press release.