Positive news from Positive
POSITIVE Cashflow Finance has revealed a 67 per cent increase in pre-tax profits, growing from £467,000 to £780,000 in the year ending November 2011.
Turnover at the invoice finance company – which has an operation in Birmingham – increased by 15 per cent to £3.3m, up from £2.9m in the previous year.
Positive handled client turnover of £175m, up 15 per cent, and advances to clients totalled around £12m.
Managing director David Smith said: “I am pleased to report that growth has continued in the first half of the current year with 28 deals completed in the last three months alone – a record quarter for Positive which has seen advances to clients increase to £15m.”
Positive’s Birmingham office opened in November 2011. Paul Varley, regional sales director for the Midlands, said: “Invoice finance has become a credible alternative to traditional bank funding. With the banks still restricting lending, more business owners are coming to us to improve working capital in the same way as they would go to a bank to increase their overdraft facility.
“We are also seeing more approaches from businesses who have been let down by their existing funder.”
The business employs 25 staff, provides funding for working capital, buyouts/acquisitions and restructuring to companies with turnover of between £100,000 and £10m. It was established in 2007 by David Smith, Phil Chesham, Simon Cook and Peter Davis.
