Corporate business funding

Bibby Financial Services provides £40m to corporate businesses in June

Bibby Financial Services (BFS) has 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, its corporate team structured several high-profile transactions, including a £9m refinance package for Currie European Transport Ltd and a £4m invoice discounting facility for a £54m-turnover healthcare and environmental hygiene business.

The team was formed in 2013 and is responsible for structuring funding facilities for businesses with a turnover between £5m and £100m across a range of asset-based lending solutions.

It helps businesses to unlock working capital for a range of scenarios, including cashflow funding, new equipment purchase, growth and expansion, management buy-ins and buyouts, refinancing, corporate restructuring, and mergers and acquisitions.

Ben Smith, corporate sales director at BFS, said: “The corporate team had a fantastic month in June, and we have a strong pipeline of new business for July and August.

“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.”

Edward Winterton, UK CEO at BFS, commented: “During this challenging economic period, businesses need to be able to access funding for growth.

“We have developed our corporate capability significantly in recent years to include stock finance, foreign exchange, cashflow 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.”

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