An outstanding performance by UK based invoice financiers
Data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) indicates that factoring and commercial finance volumes in the EU overall grew over 5% to €1.26tn in 2013.
This growth, slightly higher than that seen in 2012, shows how the Industry continues to become an increasingly important mechanism for the funding of the real economy, supporting growth and recovery, particularly in SMEs and employment.
John Gielen, independent chairman of the EUF noted: “These initial figures again show this is another significant result given the continuing economic challenges that face us in Europe. It’s clear that the growth is not consistent or homogenous, but overall it is real and sustained. Factoring and commercial finance provides appropriate solutions to meet the working capital needs of businesses both when economies are growing and also where they remain under pressure.”
“Business Money editor, Robert Lefroy commented: “The UK’s lightly regulated environment has encouraged this medium of working capital finance to such an extent that the UK transacts 24.48% of the EU total, well ahead of France at 15.9%, Italy at 14.14% and Germany at 13.61%. Business Money’s Receivables 2013 is published today and reports just how 40 of the UK’s leading providers of invoice finance providers did it.”
