Regency strong in tough times
REGENCY Factors, the privately-owned company which funds expanding small and medium-sized businesses, performed “exceptionally well” in tough circumstances in the year to January, according to chairman Stephen Clague.
Bury-based Regency, which celebrates its 20th year in business this year, significantly out-performed the UK market and actually grew its domestic turnover in the year to the end of January.
The factoring and invoice discount and purchase finance specialist, which was founded by husband and wife Maurice and Hilary Craft – who still run the business, employs 56 people.
Chairman Stephen Clague said: “In the year under review there has been a significant downturn in the financial services sector and the Asset Based Finance Association ABFA has reported a fall in domestic debt factoring of 11% in the period.
“Despite this the group has performed exceptionally well. Turnover has only fallen 3.3% and the gross profit increased by 5.8%, mainly due to improved contributions from the trade finance subsidiaries.”
Turnover fell from £80.4m to £77.7m, as a result of a fall in business in the Far East from £10.3m to £5.5m. UK turnover grew from £70m to £72.2m.
A £600,000 increase in overheads to £3.3m was the result of increased marketing costs and staff pay. Bottom-line profits were down 7% at £617,337.
Regency’s net debt increased by £1m in the year to £16.5m, the accounts reveal, of which £9.4m is made up of bank loan and overdrafts.
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