Bibby Financial Services boosts SME funding in Liverpool to £12.7m
Funder grows support for Liverpool businesses in 2016.
Leading SME funder, Bibby Financial Services (BFS), has increased its funding to Liverpool businesses by 193% compared to this time last year, bolstering its funding in the region.
BFS is the largest independent invoice finance provider in the UK. From 2015 to 2016, the specialist funder increased funding to businesses in Liverpool from £4.3m to £12.7m.
Mike Calvert, head of sales for BFS in Liverpool, said:
“2016 has started off as a strong year for SMEs in Liverpool. Confidence is high and businesses are seeking additional finance to fund their next phase of growth.
“Just in the first three months of this year we have helped to fund a number of management buy-outs amongst Liverpool SMEs. After years of low growth, optimism amongst owners and management teams are on the up, resulting in more buy-outs taking place. Both owners and management teams feel that now is a good time to get fair value in their deals. Unlocking these transactions has helped a number of businesses to flourish.”
Figures from BFS’ latest SME confidence tracker showed that over two-fifths (44%) of SMEs in the North West region are expecting sales to increase over the next three months, up from 37% at the end of 2015. Investment is also a focus for businesses in the region as they look to grow over the coming months. Two-thirds (66%) of SMEs are looking to invest in the next three months, with their main focus on existing and new staff as well as IT and commercial vehicles.
“The manufacturing industry in Liverpool is performing well, with a number of businesses looking to invest in their operations. But it is not just this sector that is thriving. The city of Liverpool has made great progress in recent years, with strong investment from the council in the leisure and tourism industries. We are now seeing this investment percolate into other sectors.
“Liverpool has a great heritage across a number of industries, especially with our ports providing a gateway to international trade. Whilst much of the focus for the government’s plans for the Northern Powerhouse has so far been on Manchester, significant investments are under way or planned that could have a huge impact on businesses in the city.”
In late 2015, the funder announced that it is to commit upwards of £770m in funding to UK SMEs, following a successful refinancing deal. It has seen strong growth in its specialist products, including export and trade finance, and construction finance.