SME funder opens new office in Glasgow
Bibby Financial Services new office follows 45% increase in new customers
The UK’s largest independent invoice finance provider, Bibby Financial Services (BFS) is opening a new office on St Vincent Street, within the prestigious International Financial Services District of Glasgow.
The new branch reflects a year of solid growth for BFS Scotland. The company saw a strong influx of new customers in 2014, with the total number of new clients rising by 45%, compared to 2013 and the total funds made available to these customers increasing from £10m to £14m over the same period.
This follows the BFS SME Sentiment Scotland report, published last year, showing that almost two thirds (64%) of SMEs invested in their businesses last year, and 70% said they expect growth over the next three years.
Alan Anderson, head of sales, Bibby Financial Services Scotland, said: “Scotland is really leading the way when it comes to small business growth, and establishing our new Glasgow office is an indication of just how much we are investing in the country. We have strong relationships with accountants, brokers and the business community, having first opened an office in Edinburgh fifteen years ago. The team is focused on working closely with SMEs to provide flexible finance that supports growth.
“We are now looking at recruiting more staff this year to ensure we can continue to support as many SMEs as possible, the lifeblood of the Scottish economy.”
The funder has hosted a number of events in Scotland in recent months, including the ‘Fit For the Future; Financing Business Aspirations’ events in Glasgow and Aberdeen.
More than 200 delegates including finance brokers, SMEs, accountants, IFAs, attended both events on the eve of the referendum for independence in September. Guest speakers included broadcaster Andrew Neil and world-record breaking cyclist, Mark Beaumont, with the sessions highlighting an energised business environment in Scotland, despite political uncertainty over the referendum.
Formed in 1982, BFS is part of the Liverpool-based Bibby Line Group, a 200 year old business services company. Today, the business provides invoice finance to 6,900 businesses in over 300 industry sectors throughout the UK.
Invoice finance provides businesses with working capital by advancing a percentage of invoice value upfront, providing cashflow and enabling them to grow.