Bibby’s purchase of the factoring arm of Abbey National is another step towards their goal of becoming the largest global provider of full factoring services, according to marketing director, Diane Blinkhorn. The deal, which involved Ј32m of net assets, broadens Bibby’s strength in certain services like confidential factoring.
Bibby has been involved in a number of recent developments designed to widen their scope and expand activities, including the purchase of Anpal Finance in the UK and the setting up of offices in Poland, Australia and the US.
The takeover of Abbey by Bibby supports the view of many pundits over the last two years, that the smaller end of the factoring market in the UK will be experiencing more M & A activity.
This is as a result of a number of the smaller players finding trading conditions increasingly difficult, with margins being squeezed due to lower prices and competition steadily increasing.
