Bibby Financial Services has acquired the client portfolio of Aston Rothbury Factors, an independent factoring company which has been in administration.
Brentwood-based Aston Rothbury Factors has over 40 clients primarily based in the South East, and went into administration following the withdrawal of funding lines by the incumbent funder. Bibby Financial Services will take on the management of these clients through its Hastings office.
The administrators, FRP Advisory LLP, was behind the sale.
Edward Rimmer, UK chief executive Bibby Financial Services said: “We have set a challenging growth objective over the next few years and the acquisition of suitable businesses and/or client portfolios is firmly part of that strategy. As a result, we are regularly considering opportunities. Bibby Financial Services is delighted to be supporting an additional 40 firms offering a specialist funding facility and client-focused credit control.
“We welcome Aston Rothbury Factors’ clients into the Bibby family and hope that by providing them with our invoice finance expertise, we can help them take advantage of opportunities for growth and continued business success.”
Lionel Blackledge, partner at FRP Advisory, added: “With a strong client book and a good reputation, we were confident that a sale of Aston Rothbury Factors could be achieved. The company’s clients can now be assured of continuity in their funding and the support of one of the UK’s leading factors.
“Sadly, it was necessary to make all 23 staff redundant and we have provided a dedicated contact point to ensure this process is handled sensitively and all claims are processed quickly and efficiently.”