Business funder, Bibby Financial Services (BFS), has appointed Ben Smith as UK Corporate Sales Director, as the company looks to strengthen its support for larger SMEs.
First joining BFS from British Nuclear Fuels Plc in 2010, Ben has held a variety of roles including Corporate Manager, Head of West Midlands Business Centre and – most recently – Head of Corporate for the Central region.
Speaking of his appointment, Ben said: “We’ve made huge strides in the Corporate funding space in recent years and are well placed to develop our support for intermediaries and businesses at this end of the market even further.”
BFS has broadened its product portfolio considerably in recent years, with the launch of its Foreign Exchange business in 2016 and the addition of its Stock Finance offering. Complementing BFS’s Invoice Finance and Asset Finance suite, such options enable the funder to provide bespoke Asset Based Lending packages to introducers and businesses alike.
Ben added: “Our corporate offering has never been as comprehensive as it is now and we have written some significant deals over the past year, during a time when other funders are retreating from the market. We are now also able to provide a wider range of funding options to our customers and their advisors following the addition of foreign exchange and stock to our already market leading capability.
“Protecting against currency volatility and unlocking working capital for growth from assets, such as stock, receivables or plant and machinery, have been key consideration for many businesses over the past year.
“I’m delighted with my new role and look forward to working more closely with the business communities and helping to drive economic growth throughout the country.”
Supporting businesses with turnover of £5m to £100m, BFS’s Corporate team was formed 2012 and has structured more than 540 deals across the UK.
Officially starting his new role on 1 April, Ben will head up a team of 20 across the country, tasked with growing BFS’s funding for larger businesses.
Edward Winterton, UK Chief Executive at Bibby Financial Services said: “Ben’s experience, drive and commitment to BFS and our clients during the last eight years made him a standout candidate for this role. We’re passionate about being a great place to work and promoting from within, and Ben is a fantastic example of our home grown talent.
“Under Ben’s leadership, coupled with our growing funding capabilities, I’m confident we’ll be able to significantly grow our share in the Corporate funding space over the coming years.”
Connect with Ben on LinkedIn here.
Craig added: “What we’re seeing from our clients and the wider business community is a desire to explore opportunities outside of the domestic market. This may be due to the weakened pound providing opportunities for better profit margins overseas, or simply that SMEs are simply looking to expand their customer bases to avoid overreliance on a limited number of UK customers. Only time will tell whether June’s General Election outcome and the Government’s subsequent negotiations with the EU will impact this trend.
“Whatever the case, we have the expertise and global network to support businesses of all sizes, wherever their ambitions lie.”