The accounts of Singer and Friedlander Factors Ltd for the year ended 31 December 2001 have today been released, showing a dramatic increase in losses before tax. The company, which was absorbed by Close Invoice Finance in December 2001, recorded its second consecutive loss. The loss before tax in 2000 was Ј1.33m, however it had more than doubled in 2001 to Ј2.96m.
Turnover has declined by 32.1% from Ј3.64m in 2000 to Ј2.47m in 2001. The Chief Executive of Close Invoice Finance, Leslie Bland, commented in December that Singer and Friedlander had been finding it increasingly difficult to build a significant client base and that in contrast to the situation with Metropolitan Factors (with whom Close Invoice Finance announced a “strategic partnership” in June 2001) the brand identity of Singer and Friedlander will not be maintained.
