Bumper sales in first half of year
Independent funder completes over 600 deals up to July
The UK’s largest independent invoice finance provider, Bibby Financial Services (BFS), completed 609 new deals, agreeing upwards of £146m to new clients in the first half of the year.
In one of the funder’s strongest six month periods on record, BFS has seen significant growth in factoring and invoice discounting agreements, on top of strong performance of its niche products division, including Trade and Export Finance and Construction Finance.
BFS Chief Executive, David Postings, says results have been achieved in a tough market. Paying testament to his teams, he said: “Our first half results are impressive in any market, but even more so in a relatively slow growth economy.
“This is a fantastic achievement and it clearly demonstrates the calibre of people, and breadth of experience we have in our teams across the country, as well as the great service we offer.
“In addition to an uplift in factoring and invoice discounting deals, compared with the first half of 2014, we have significantly grown new business for Construction Finance and Trade Finance client numbers have doubled.”
Mr Postings also thanked the intermediary community: “We’re extremely grateful to the introducer community that has continued support us in developing new business.
“In addition to working with established partners, our teams have been able to develop new relationships in the first half of the year and this has had a huge impact on the number of funding agreements we have made.”
In March BFS announced plans to open its North and South London Business Centres in Brentwood and Redhill, in addition to relocating its Central London office from Aldersgate to The Baltic Exchange, St Mary Axe.
“Our business model is based on local decision-making and flexibility, ensuring that we provide a personalised service to customers and introducers alike.
“We opened our West Midlands Business Centre last year, which has been a huge success.
“Our first half results have provided us with a fantastic springboard for the rest of the year and our new offices in and around London will give us the platform to strengthen further.”