Ultimate Finance Group significantly increased its loan book and client base in its last financial year.
The preliminary results for the year ended 31 December 2014, show that the loan book increased by 60.8% and the number of clients is up by 36.3%.
Ultimate Finance Group was acquired by Inspired Capital plc in September 2013 and provides cash flow solutions to SMEs. The year saw the appointment of key management personnel, including Nick Smith as group sales director, increased marketing investment and the tripling of the sales force to support existing products.
Ultimate Finance Group has also secured an additional £25 million debt facility through British Business Bank Investments Limited, the commercial arm of the Government’s economic development bank. The funding will be provided as a three year syndicated back-to-back facility with Lloyds Bank, increasing the total facilities for Ultimate Finance Group’s invoice finance business to £75 million.
Jeremy Coombes (pictured), CEO of Ultimate Finance Group, said: “The growth we have experienced is part of our strategy to rapidly grow our loan book by continuing to work closely with intermediaries and SMEs and provide them with innovative and flexible new products that will enable them to grow and prosper.
“To maintain the momentum we continue to assemble a highly experienced sales team that is well known and highly respected by both intermediaries and businesses. We are also opening new offices to increase our coverage in the UK and have recently opened our first one north of the border in Glasgow, bringing the number of offices to eight.
“The profits generated by the business in the coming years will be reinvested in areas such as sales and marketing, infrastructure and IT.”