CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Bibby Financial Services pledges over £770m in funding for SMEs
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Bibby Financial Services pledges over £770m in funding for SMEs PDF Print E-mail
Tuesday, 10 November 2015

The UK’s largest independently owned invoice finance provider, Bibby Financial Services (“BFS”), has committed to increase its total funding for UK SMEs by over £290m, after refinancing with Barclays Bank PLC – Corporate Banking and Investment Banking, Bank Of America Merrill Lynch, HSBC Bank PLC and Lloyds Bank.


David Postings, global chief executive for BFS, says the announcement is part of the funder’s growth strategy that will see it provide support to an increasing number of businesses in the years ahead.

Mr Postings said: “This is a hugely positive announcement for UK PLC and the wider economy. Increasing our funding support for SMEs will create jobs and growth for businesses across the country.”

Prior to today’s announcement, BFS advanced in the region of £480m to UK SMEs. The independent financier has now committed funds of £774m to the sector.

To access greater funding, the business undertook a process of securitisation, which involved having its debtor-book rated. Ratings agencies, DBRS and Moody’s awarded AA and Aa2 ratings, respectively, for BFS’ debtor-book, facilitating the refinancing deal, which is the first of its kind in the UK.

Mr Postings added: “Securitisation is a huge milestone for Bibby Financial Services and one which will see us compete with banks and other independent funders on a much greater scale and level playing field.

“This is just the start of our growth plan as we seek to expand our support to SMEs over the coming years.”

In March, BFS announced plans to grow its UK footfall by opening two new offices in Greater London and relocating its Central London office from Aldersgate to The Baltic Exchange.

The funder opened its North London Business Centre in Brentwood in April and in October the opening of a new office in Redhill, Surrey, was announced.

Mr Postings added: “We have funded businesses for over 30 years so we know the level of support they need in order to grow and thrive. Our personal touch and commitment to delivering excellent service for our customers is what sets us apart from other funders, and this is what has allowed us to grow our market share this year.

“Today’s announcement along with the opening of our new offices in London will position us for further growth over the years ahead.”

Part of the 208-year-old, Bibby Line Group, BFS has 19 local offices throughout the UK, in addition to operations across Europe, the Americas and Asia Pacific.

BFS currently supports 7,000 UK businesses with its funding solutions, handling annual turnover of £5 billion on behalf of its clients.
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197