Ulitmate reports positive progress

ULTIMATE Finance Group, which has one of its eight offices in Manchester, has significantly increased its loan book and client base.

Preliminary results for the year ended December 31 2014, show its loans rose 60.8% and the number of clients also went up by 36.3%

The company, which provides cash flow solutions to SMEs,  also appointed Nick Smith as group sales director, and tripled its sales force.

Ultimate Finance Group has also secured an additional £25m debt facility through British Business Bank Investments, the commercial arm of the Government’s economic development bank.

The funding will be provided as a three year syndicated back-to-back facility with Lloyds Bank, increasing the total facilities for Ultimate Finance Group’s invoice finance business to £75m.

Chief executive Jeremy Coombes said: “The growth we have experienced is part of our strategy to rapidly grow our loan book by continuing to work closely with intermediaries and SMEs and provide them with innovative and flexible new products that will enable them to grow and prosper.”