Close Invoice Finance Ltd, the factoring and invoice discounting subsidiary of Close Brothers Group plc, has purchased the book of Singer & Friedlander Factors Ltd.
Details of the transaction are, as yet, thin on the ground. BCR Publishing spoke to an employee of Singer and Friedlander who commented “We are moving out of the sector. The managing directors have decided that factoring is no longer core to our activities and the company’s factoring operations are winding down at present”
The source said that there was no link between the sale of the book and the fact that Singer and Friedlander Factors, in the year ended 31 December 2000, recorded its first loss before tax since 1994- the year the company commenced trading.
Keith Edwards, one of Singer and Friedlander Factors’ managing directors, confirmed that the sale of the book had not been precipitated by losses and that the decision was a strategic one.
