While 2008 saw banks tighten their lending criteria and company insolvency numbers rise by 56 per cent[1], Bibby Financial Services, the UKís leading independent invoice financier, recorded a pre-tax profit of 20.5 million for 2008 – an increase of 24 per cent on its 2007 figures - and saw a year on year increase in its client base of 21 per cent[2]. This is the highest ever number of businesses it has supported in its history, providing firms across a variety of industry sectors with bespoke cash flow solutions.
Bibby Financial Servicesí has seen a three-fold increase in clients wanting the security offered by bad debt protection – a certain sign of the challenging economic times. A 28 per cent rise in the uptake of Bibby Financial Servicesí unique construction finance service was also evident as the sector acclimatises to the new economic climate of 2009.
Bibby Financial Services continued its expansion throughout 2008, acquiring a number of businesses including Sussex-based independent factoring company Arbuthnot Commercial Finance Ltd, as well as invoice factoring business Siemens Financial Services Limited, the combination of growth by acquisition and organic expansion remains central to Bibby Financial Servicesí overall business strategy.
The Group has also added a fully serviced business in Glasgow and a sales office in the City of London to its portfolio, which now stands at 43 companies across 11 countries. Of these overseas firms, Bibby Financial Services has made significant in-roads into European expansion with the addition of an office in Poznan in Poland, and the opening of a Greenfield site in the German city of Dusseldorf, offering the Group broader geographical coverage across the continent.
David Robertson, global chief executive at Bibby Financial Services said: ìDespite the uncertainty within the financial markets, and the economy, we continue to be optimistic about the future. 2008 saw the successful negotiation of a 340m main finance facility for the UK and Ireland and the renegotiation of a facility serving the Americas region. Aside from our expansion plans, the quality of our service levels have remained consistently high, with over three quarters of our clients stating that they would definitely recommend us to another business.
ìThis provides us with the confidence to continue to develop our strategic initiatives, whilst also being in a position to consider any opportunities that might arise over the coming year.î
Bibbly Financial Services supports highest ever number of businesses
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