Bibby Financial Services (BFS) has increased its share of the factoring market further in 2016 to 21%.
Up to December, BFS welcomed more than 1180 new clients, advancing over £458m. In addition, the financier increased the number of clients it supports with invoice discounting facilities by 13%.
Edward Winterton, BFS’s commercial director, said: “We’ve had a fantastic year, starting with our jump to 31st place in the Sunday Times’ Best Companies to Work For. Throughout 2016 we have continued to boost our support for UK PLC, despite volatile trading conditions following the EU referendum.
“We’re now writing one in six of all factoring deals in the UK and are outperforming much of the market. In addition to growth in factoring, we have significantly increased invoice discounting and trade finance client numbers over the past year in a relatively flat market.
“Our corporate team has also had tremendous success in structuring funding packages that combine our expertise in invoice finance, trade and asset finance, along with our new foreign exchange services for clients. Adding FX services to our product portfolio has enabled us to support our clients trading overseas and protect against currency fluctuations, which has been a key concern for many businesses this year.
“These results are a fantastic achievement and testament to the hard work of our teams across the country, as well as the strength of the relationships we have built with the intermediary community.”