Invoice financier, Bibby Financial Services (BFS), provided £40m in new funding facilities to corporate businesses throughout June as it continues to grow its support for larger SMEs.
In a record month, BFS’s corporate team structured several high profile transactions, including a £9m refinance package for Currie European Transport Ltd, a transport and storage solutions group, and a £4m invoice discounting facility for a £54m turnover healthcare and environmental hygiene business.
Ben Smith, BFS corporate sales director, said: “The corporate team had a fantastic month in June and we have a strong pipeline of new business for July and August. These record results demonstrate that we’re not only ‘open for business’, but that we’re doing business and hungry to do more to support UK PLC.
“Corporate clients tell us they welcome finance solutions that offer an alternative to loans, enabling them to unlock working capital from within their businesses, without having to take on further term debt. This alternative is exactly what our invoice finance and ABL facilities offer, which is now more important than ever as the economy begins its road to recovery following lockdown.”
Formed in 2013, BFS’s corporate team is responsible for structuring funding facilities for business with turnover between £5m and £100m across a range of asset based lending (ABL) solutions. The team helps businesses to unlock working capital for a range of scenarios, including cashflow funding, new equipment purchase, growth and expansion, management buy ins and buy outs, refinancing, corporate restructuring and mergers and acquisitions.
Edward Winterton,UK CEO at BFS, added: “During this challenging economic period businesses need to be able to access funding for growth. Our corporate team is a vital resource for business owners searching for funding directly, through their accountants, advisory professions and other intermediaries looking to help their clients grow.
“We have developed our corporate capability significantly in recent years to include stock finance, foreign exchange, cash flow lending and asset finance. This allows our clients to unlock the working capital they need under one roof so they can grow in domestic and international markets, both now and in the future.”