UK invoice finance provider Bibby Financial Services (Bibby FS) has acquired the client portfolio of Aston Rothbury Factors – which went into administration last month after the incumbent funder withdrew its funding lines.
The deal forms part of Bibby FS’ expansion strategy in the UK. The invoice financier will take on the management of Aston Rothbury’s 40 clients – primarily based in the South East – through its Hastings office.
Bibby FS UK CEO Edward Rimmer said: “We have set a challenging growth objective over the next few years and the acquisition of suitable businesses and/or client portfolios is firmly part of that strategy. As a result, we are regularly considering opportunities.”
Lionel Blackledge, partner at FRP Advisory LLP – which has been appointed as administrators to Aston Rothbury – added: “With a strong client book and a good reputation, we were confident that a sale of Aston Rothbury Factors could be achieved. The company’s clients can now be assured of continuity in their funding and the support of one of the UK’s leading factors.”