Bibby boosts funding by 193%
BIBBY Financial Services has increased its funding to Liverpool businesses to £12.7m – that’s a 193% increase on this time last year.
The invoice finance firm increased funding to businesses in Liverpool from £4.3m in 2015 to £12.7m in 2016.
Figures from BFS’ latest SME Confidence Tracker showed that 44%of SMEs in the North West are expecting sales to increase over the next three months, up from 37% at the end of 2015.
As they look to grow, 66% of SMEs in the region expect to invest in the next three months, with their main focus on existing and new staff as well as IT and commercial vehicles.
Mike Calvert, head of sales for BFS in Liverpool, said: “2016 has started off as a strong year for SMEs in Liverpool. Confidence is high and businesses are seeking additional finance to fund their next phase of growth.
“Just in the first three months of this year we have helped to fund a number of management buy-outs amongst Liverpool SMEs. After years of low growth, optimism amongst owners and management teams are on the up, resulting in more buy-outs taking place. Both owners and management teams feel that now is a good time to get fair value in their deals. Unlocking these transactions has helped a number of businesses to flourish.”
In late 2015, the funder, part of the Liverpool-based Bibby Line Group, announced that it is to commit upwards of £770m in funding to UK SMEs, following a successful refinancing deal.
