Alternative business lender pulls in record profits
ALTERNATIVE lender Skipton Business Finance (SBF) has announced record pretax profits for the year.
The firm posted an increase in pre-tax profits to £2.92m, up from £2.66m, in the year ending December 2014 – a record for the Skipton-based lender.
The invoice finance firm, owned by mutual Skipton Building Society, also said that it has seen a 20% growth in client numbers and advanced £63.8m to their client portfolio in 2014, up 11% from the previous year.
Greg Bell, managing director, said: “The receivables finance market remains a competitive marketplace.”
“The profit we have made means we can continue to invest in our people, our customers and our proposition to help us keep moving towards our goal of being the first choice independent provider of working capital for small to medium sized businesses in the UK.”
“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 approach-based partnerships.”
In January 2015, Skipton Business Finance saw a rebrand that aligned it closer to the Skipton Building Society Group.
A subsidiary of Skipton Building Society, SBF is a leading independent factoring and invoice discounting provider, offering a range of working capital solutions for businesses with annual sales ranging from new-start to £30m.
