The Bibby Financial Services Group has launched a new division to work alongside Bibby Group of Factors, which is currently the largest non bank-owned factoring company in the UK.
Bibby Asset Finance Limited will offer hire purchase and lease facilities to UK firms, enabling clients to spread the cost of equipment over its working life and to have the security of fixed interest rates.
The venture is to be headed by Richard Jones who has worked for the last two years in Bibby’s factoring division. Mr Jones has said “Whilst factoring provides an excellent source of working capital by releasing funds tied up in unpaid invoices, the new asset finance division will further expand the amount of funding available based on the plant and machinery that exists within the firm. The services are complementary and may be used independently or linked together, offering customers a broader and more comprehensive funding package.”
Source: Business Money
