Bibby Financial Services boosts SME funding in Yorkshire & Humber by 12%
Funder grows support for Yorkshire businesses in 2016.
Leading SME funder, Bibby Financial Services (BFS), has increased its funding to Yorkshire & Humber businesses by 12%, 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 Yorkshire from £33.7m to £38m.
Mike Day, head of sales for BFS in Yorkshire, said:
“Businesses in the Yorkshire and Humber area certainly feel like they are on the upwards curve. Over the past quarter we have seen a lot of activity from newly formed businesses as well as some management buy-outs and buy-ins.
“The main draw for businesses to seek additional funding is the growth opportunities that they need to fund. Our latest SME confidence tracker showed that businesses in the region are looking to invest on average £98k over the next three months – the highest in the UK.”
The latest SME confidence tracker also showed that confidence was on the rise amongst businesses in the region. Over two-fifths (43%) of businesses expect their sales to increase over the next three months, up from 39% in the previous quarter.
“A key growth area over the past three months has been from recruitment focussed businesses. This is reflective of the wider region’s economy, with businesses feeling confident and creating more jobs.”
One business growing its presence in the Yorkshire region is Spectrum Contracting Services which has an office in Wakefield. A specialist recruitment agency to the construction and rail industries, it is gearing up for one of its busiest summers yet, with 1,000 construction and rail workers expected on site by July, up from 700 now. Spectrum’s outlook is upbeat, as it expects strong growth from the promise of the Northern Powerhouse over the coming years, and continuing work in the area of motorways and highways.
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.