Challenger lender sees seventh consecutive year of growth
A WHOLLY-OWNED subsidiary of Skipton building Society, Skipton Business Finance, has reported its seventh consecutive year of profit increases.
Revenue is up 9% from £9.71m in the year to 31 December 2014.
The provider of working capital finance facilities to owner-managed businesses also saw an 8% increase in profit before tax to £3.2m.
Skipton Business Finance also saw growth in client numbers, up 12% on last year’s total of 492.
SBF is continuing its expansion plans and has opened a southern office in Bracknell in addition to sites in Leeds, Manchester and Birmingham as well as its North Yorkshire head office, at The Bailey in Skipton.
Greg Bell, SBF’s managing director, said: “I’m very pleased with another strong set of results. Our primary purpose is to help owner managed businesses grow and develop – and in turn help to create wealth and employment in their local communities. Skipton Business Finance is focused on helping our SME clients achieve their full potential by ensuring that the ambition of the management team is equally matched with the financial support we can provide to help them achieve future success.”
Alex Robinson, SBF’s chairman said: “I’m very proud of SBF’s achievements and continue to support its growth strategy to deliver funding to SMEs across the UK.”‘
Skipton Business Finance was established as a new start business in 2001 offering working capital facilities to UK businesses from startups to £20m-turnover companies.
Last year the business saw record pre-tax profits of £2.92m and underwent a rebrand to bring it more in line with parent company, Skipton Building Society.
