London Scottish Bank plc, the specialist financial services company, has announced that its two factoring companies, Sygnet and Isis, will be merged into one combined company, London Scottish Invoice Finance Ltd., with immediate effect.
Both Sygnet and Isis were acquired by London Scottish Bank three years ago and since then have been one of the fastest growing businesses in the factoring sector. London Scottish Invoice Finance Ltd has combined sales of Ј120 million (0.67% of market share]
London Scottish Invoice Finance works with around 300 small- and medium-sized companies nationwide, enabling them to maximise their cash flows.
Steve Smith, managing director said: “This is a positive step in the development of the London Scottish Bank’s factoring business. Since being acquired four years ago we have enjoyed increased funding, from London Scottish Bank, which has helped us to become one of the fastest-growing business in the factoring industry.
