Bibby Financial Services (BFS) increased its share of the factoring market to 21% in 2016, the funder claims.

The factoring market was worth £5.4bn (€6.4bn) in Q3 according to the Asset Based Finance Association (ABFA), and £15.4bn in the year to the end of September.

BFS said it was responsible for one in six of factoring deals, reporting 1180 new factoring clients in the year to December, and advances of £458m. The funder also reported a 13% increase in invoice discounting clients over the same period.

Edward Winterton, commercial director, BFS said the results occurred despite the “relatively flat market.”

Winterton said: “We’re now writing one in six of all factoring deals in the UK. In addition…we have significantly increased invoice discounting and trade finance client numbers over the past year.

“These results are a fantastic achievement and testament to the hard work of our teams across the country, as well as the strength of the relationships we have built with the intermediary community.”

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Winterton added UK small and medium-sized enterprises (SMEs) had been exposed to ‘enormous change’, and suggested this was behind an increase in alternative funding.

He said: “What is clear is that the businesses are looking to new sources of funding to plan for the future and grow.

“What the latest statistics show is that more and more business are turning to types of finance like factoring and invoice discounting to unlock working capital for growth.”