Bibby Financial Services pledges £1bn to help SMEs
Global funder refinances to boost support for UK businesses as downturn concerns continue
International SME financier, Bibby Financial Services (BFS), has renewed its UK securitisation arrangement for a further three years to boost its support for businesses during a period of ongoing economic turbulence.
The refinance deal led by Lloyds Bank alongside HSBC, Barclays Bank PLC, BayernLB and with participation from funds under the management of Insight Investment, sees BFS’s total funding capacity increase to more than £1bn.
Theo Chatha, Chief Financial Officer of Bibby Financial Services said: “More than ever, UK SMEs need cashflow support to help them overcome challenges associated with an economic downturn, and to grow and thrive.
“Our refinanced securitisation facility provides us with a significant opportunity to grow our funding support for these businesses, combining our SME specialism with greater financing capacity to help new and existing clients.”
Formed in 1982, BFS supports almost 9,000 SMEs worldwide through its invoice finance, asset finance and FX solutions, with 1,000 employees in operations spanning Europe and in Asia.
Theo Chatha added: “With economic and political instability throughout the world, businesses today face a series of significant challenges. This announcement signifies our dedication and commitment to supporting SMEs at a time when they most need it.
“Furthermore as part of our global portfolio, this is a key milestone in our own growth trajectory as we look to expand the support we provide to SMEs in the UK and around the world.”
BFS is part of the Bibby Line Group, a 215-year old family owned business operating in multiple countries.