Mutual’s business finance arm records record profits

Skipton Business Finance (SBF), a wholly owned subsidiary of Skipton Building Society Group, proudly announces a record-breaking profit of £9.6m for the fiscal year, reflecting a  32% increase from the previous year’s £7.3 million.

SBF, a leading provider of working capital solutions for businesses, has helped grow of UK SMEs for more than two decades. It offers customised working capital solutions, empowering businesses to unlock opportunities, invest in expansion, and achieve sustainable success.

Chief executive Greg Bell said, “This achievement reflects our focus on providing innovative Invoice Finance solutions that adapt to our clients’ changing needs. We’re a proud partner in the success stories of businesses throughout the UK.

“This significant profit increase reflects Skipton Business Finance’s growing role in supporting the UK’s SME sector. The company’s focus on innovation and adaptability positions it well to continue meeting the evolving needs of small and medium-sized businesses.

“This record profit is a result of the dedication and hard work of our team, as well as the trust and confidence placed in us by our clients. Looking ahead, we remain committed to our mission of empowering UK SMEs to succeed through innovative financial solutions and exceptional client service.”

In addition to the record profit, SBF also helped a record £171.2m in loans and advances to clients in 2023, up 14% from £150.6m in 2022, demonstrating their commitment to supporting business growth.

As SBF marks this significant milestone, their unwavering dedication to delivering top-tier financial solutions that propel SME success remains steadfast. By remaining at the forefront of industry advancements and harnessing state-of-the-art technologies, SBF continues to enable businesses to flourish and realise their maximum potential.

Greg Bell emphasised, “The attainment of this record profit is a testament to the tireless dedication and diligence of our team, coupled with the unwavering trust and confidence bestowed upon us by our valued clients. Looking ahead, we are resolutely committed to our mission of empowering UK SMEs through pioneering financial solutions and unparalleled client service.”