HSBC bolsters SME support
HSBC provided £3.1bn of gross lending to UK SMEs in the
first three months of 2012, an increase close to 7% on the
same period in 2011.
17 May
Overdue payments peak
Outstanding debts to the country’s SMEs have reached a high
of £35.3bn, an increase of almost £2bn on the last reported
figure from six months previously, and the largest overdue
amount measured to date. This is according to new research
from Bacs.
17 May
ABL Resources launches collections
division
ABL Resources has launched a collections and recoveries
division for the UK market.
16 May
Small firms in need of support
The findings of a survey released by the British Chambers of
Commerce has shown that smaller firms need more support to
trade with high-growth markets.
16 May
Fast growth businesses are nationwide
The UK regions contain an almost equal proportion of
fast-growth businesses, according to a new report by
Santander Corporate Banking.
15 May
Double-dip mirrored by SMEs
The domestic turnover of small businesses decreased by 7%
between Q4 2011 and Q1 2012.
15 May
The BBA 3-month Libor rate for 16 May 2012 is
1.00750
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Commercial
Finance Dealboard - latest deals
Coventry firm set to
grow with Lloyds TSB
A business
improvement company based in Coventry is set
to take turnover to £3m this year after
securing an invoice finance facility from
Lloyds TSB Commercial Finance. Sigma works
with manufacturing and automotive clients to
realise efficiencies in the supply chain,
streamline processes and ultimately, make
operations leaner and harder working. Sigma
employs 120 people and includes firms such
as Jaguar, Ford and BMW. Since the company
was established 12 years ago, it has saved
its customers an estimated £73m through
advising on efficiencies. The firm
previously utilised a traditional overdraft
facility but due to the project-based nature
of much of its work, Sigma found it required
a more flexible form of funding. Lloyds TSB
Commercial Finance worked closely with the
company and put in place a £300,000 invoice
finance facility to support its growth.
Based on the value of the business’ issued
invoices, this type of funding ensures its
cashflow remains fluid and peaks and troughs
in its trading calendar do not affect
liquidity.
16 May
South West
manufacturer seals £2.35m deal with Lloyds
TSB Commercial Finance
Woodberry
Brothers & Haines sells its furniture to
many of the UK’s well known high street
names including Tesco, Furniture Village and
Harveys, as well as to independent
retailers. The company manufactures the
Caxton brand and recently launched C-kids, a
range of children’s furniture. In order to
support its future growth plans, the company
approached Lloyds TSB Commercial Finance
which provided the business with a £2.35m
asset-based finance facility. By leveraging
the value of its significant asset base,
Woodberry Brothers & Haines is now in a
position to capitalise on growing demand
without putting strain on its day-to-day
working capital.
14 May
Aberdeen firm manufactures growth with
Lloyds TSB
Scots Bearings, one of
Scotland’s largest independent distributers of machinery
parts, is set to grow turnover by 20% this year, with
support from its long-term banking partner, Lloyds TSB
Commercial Finance. The business, which is based in Aberdeen
and also has offices in Dundee, Glasgow, Inverness and
Irvine, sells a range of bearing and power-transmission
products, which are used in a wide variety of machinery. The
company originally approached Lloyds TSB Commercial Finance
for a funding boost in 2006 and secured a £500,000
invoice finance facility to drive three of the offices’
operations.
14 May
Centric Commercial Finance has
provided an ABL facility to Martin Audio Ltd.
Martin Audio is a manufacturer and global exporter of
speakers for theatres, clubs, concerts and festivals,
including Glastonbury. It is an affiliated portfolio
company of Sun Capital Partners, Inc. In support of the
company’s on-going growth, Centric delivered a £1.3m ABL
facility. This is one of a number of deals completed by
Centric with private equity houses in the first quarter of
2012, a trend that looks set to continue in the rest of the
year. We’re told that David Martin founded the company in
1971 after going to a Pink Floyd concert - he simply decided
that, as far as sound quality was concerned, he could do
better.
14 May
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