Record profits for finance provider

Invoice finance provider Skipton Business Finance has announced record pre-tax profits for 2021.

The business which is part of Skipton Building Society group saw pre-tax profits up 53% to £5.4m as its loan book grew to £120.5m.

Greg Bell, managing director, said: “The profit we have made means we can continue to invest in our people, our customers and, as importantly, our proposition, which remains committed across all spectrums of the Invoice Finance market.”

The results follow its parent company announcing record results in March.

In addition to the financial performance Bell also hailed the businesses customer satisfaction scores which for he year was over 98% up 3% from 2020.

He said: “These results truly reflect the hard work and dedication from everyone in the business and our plan now is to keep developing our excellent customer service and further strengthen our position as a major player in the Invoice Finance sector.” .

Looking towards the future, Skipton Business Finance, which also has a key office in Manchester city centre, said that its strategic aim is to continue to grow by developing the existing business model and support businesses coming out of a difficult pandemic.

“Although the receivables finance market remains competitive, we are proud to be one of the leading providers of Invoice Finance products in the UK with a committed approach to helping both our clients, some of whom have accessed Government-Backed Loans via the British Business Bank, and new UK SME businesses in the post-pandemic era,” Bell added.

“By being part of the Skipton Building Society, one of the UK’s oldest and most trusted financial institutions, our business model is unique in that we have no expensive shareholder dividends and can therefore focus on understanding our clients’ businesses and developing strong long-lasting and mutually beneficial partnerships with customers and business intermediaries alike,” he concluded.