Bibby Financial Services has secured Ј26m of funding to boost its UK operations and to drive its international expansion.
The business acquired the factoring business of Abbey in December 2003. The firm has now secured Ј26m of additional funding from Lloyds TSB Corporate to help it capitalise on a growing market and fund its future growth plans.
Established in 1981, the company currently employs over 600 people in 21 companies. The last four years has seen huge growth in its factoring business with debts factored rising from Ј975m in 1999 to Ј2.2bn last year.
Bibby Financial Services is now the largest independent factoring group in the UK. Financial director Ian Downing said: "Factoring is becoming an increasingly popular form of finance and the potential for growth is huge.''
Source: Daily Post
