Invoice finance provider completes ‘milestone’ acquisition

Bibby Financial Services (BFS) – an independent invoice finance provider with a major presence in Leicester – has acquired Aldermore’s working capital finance division, making it the one of the biggest specialist providers of construction finance in the market.

Derek Ryan, UK managing director of the Oxfordshire firm, said: “We are delighted to announce the acquisition of Aldermore’s Working Capital Finance division by BFS.

“Working Capital Finance is a strong business with fantastic people and quality clients so it represents a strong strategic fit for BFS. This is a key milestone in our BFS 4.0 strategy which will see us grow our support for SMEs organically and through acquisition.”

Tim Boag, managing director for business finance at Aldermore, said: “Key to this transaction was finding a buyer who wants to invest in the business over the long term and shared our values and commitment to our clients and colleagues alike. In BFS we’ve done this and we’re happy to have found a good home for this business.”

Ryan added: “BFS is in growth mode and this is a fantastic example of our commitment to supporting UK SMEs. We’re delighted to welcome new colleagues into the family, and look forward to working with new clients and brokers too.”

BFS recently reported a 14% increase in turnover for the 2022 financial year. In November 2022, the company secured a £1bn securitisation agreement, enabling it to support even more SMEs across the UK over the next few years.

Its Leicester office is located at Grove Park in Enderby.