Expanding Ultimate on the move

ULTIMATE Finance, the invoice discounting and factoring firm has posted a leap in annual profits and announced further expansion in the North West.

The company is moving to bigger offices in Manchester city centre as it continues to grow under the guidance of Lee Baty, who was recruited from HBOS.

In the year to the end of June, Ultimate declared a profit of £406,000, up from £137,000 in 2008. Turnover for the year was £4.7m, slightly ahead of the previous year’s £4,3m.

Chief executive Richard Pepler said he was pleased with the progress of the Manchester operation, which is moving to Mosley Street from nearby John Dalton Street.

“We are continuing to grow in the North – the new office is three times the size of the one we’re in now.

“As a result of the banking crisis we’ve been able to recruit a calibre of people we wouldn’t have been able to attract 18 months ago.”

He said Ultimate would continue to be selective in its lending policy, adding: “There’s still plenty of good quality growing businesses out there.”