Independent Growth Finance (IGF) has achieved £100m client funds in use through funding UK SMEs. The company’s audited 2018/19 accounts show a 39% growth in funding provision, as compared to FY17/18, highlighting the continued drive by the independent asset based lender to support the growth aspirations of UK businesses despite an unsettled economy.
IGF has been on a growth trajectory since the start of 2016, resulting in a nearly five-fold increase in client funds over the last three years. This growth in volume and income has led to a £1.4m increase in EBITDA in the last 12 months and a 29% increase in revenue. IGF’s portfolio of current clients also exceeded £1bn in annualised revenue in the first quarter of the new financial year.
This funding milestone follows a new senior finance facility having been secured in October 2018. The finance, provided by Royal Bank of Scotland, British Business Investments (BBI), HSBC and ABN AMRO Commercial Finance, has enabled the company to continue its expansive growth. Further supported by additional investment from Spring Ventures, IGF’s private equity owner. As well as the opening of a new head office in Redhill, Surrey.
John Onslow, CEO of IGF said, "Reaching the £100m funding milestone is an achievement for us as a thriving SME and an indication that, despite economic uncertainties, business leaders remain bullish about the future. Supporting over £1bn in clients' revenue is even more satisfying as it demonstrates the tangible benefits of what we do. The past few years have seen us build strong relationships with key business introducers and invest in our people and infrastructure. These milestones are a direct result of the team’s hard work and commitment.”
John Allbrook, chairman of IGF, added, “Earlier this year we released the first Powering Freedom Report, which found that one in four businesses expect double digit growth in 2019. I’m delighted that IGF itself is part of that growth story. We look forward to continuing to provide an outstanding service to our clients and introducers in what looks set to be another successful year.”