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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”