- 750 new funding agreements for SMEs written in H1
- BFS now writing one in five of all invoice finance deals
Independent financial services provider Bibby Financial Services (BFS) has recorded a strong first half of the year, structuring 750 new funding agreements for SMEs and further growing its market share.
In the six months leading to July, BFS made £220m in funding available to UK businesses.
Results reflect an 18 per cent increase in deal numbers, year-on-year. BFS has seen Construction Finance deals increase by 71 per cent and Export Finance numbers increase by 32 per cent, in addition to growth across its Trade Finance, Commercial and Corporate divisions.
Speaking of the results, BFS UK CEO, Edward Winterton said: “In what remains a relatively flat market, we have had a tremendously strong first half of the year and we are seeing new applications for funding increasing significantly.
“We have seen growth in client numbers across the board and have achieved significant growth across our Trade, Export and Construction Finance businesses.
“Undoubtedly, our strengthened product portfolio, which now includes ABL, Stock Finance and Foreign Exchange, has helped us to uncover more opportunities to support businesses both big and small.
“Furthermore, we have had great success in combining our Invoice Finance solutions and FX services for businesses looking to protect margins and grow in international markets.”
Coinciding with the latest UK Finance statistics showing overall industry advances up four per cent, BFS now writes one in five of all invoice finance deals throughout the UK.
Edward Winterton continued: “It is fantastic that we are continuing to grow our market share, but more importantly these results reflect vital support for UK SMEs at a time of much uncertainty throughout the economy.
“Our performance is testament to the hard work and commitment of our teams across the UK, and demonstrates the benefit of our client-centric approach to supporting SMEs.”