Regency records strong growth

BURY-based factoring company Regency Factors has recorded a significant leap in turnover and profit.

The business, which lends against invoices and assets, saw turnover rise by 21% to £80.4m in the year to January 31. Pre-tax profits rose 25% to £662,538.

In recently-filed company accounts chairman Stephen Clague said the figures had benefitted from the performance of a new subsidiary Regency Factors Invoice Finance which began trading during the year.

Mr Clague said the economic downturn had made the coming year difficult to predict but these circumstances would create opportunities for the firm which employs 49 people.

He said: “The board are confident that opportunities will arise in the coming year to further develop the business and the group is in a strong position to take advantage of these opportunities.”

Regency was established in 1990 by Maurice and Hilary Craft who set out to provide factoring facilities to the small, fast-growing businesses that often fall into the funding gap.

In 2001 the business was admitted to the Factors’ and Discounters’ Association (FDA). Managing director Maurice Craft will take up the vice-chairmanship of the Asset Based Finance Association this month.

Mr Craft was unavailable to discuss the company’s figures.