Andrew Bullard tells Jason T Hesse he will be considering alternative financial products in his new role as head of business at Cashflow UK
The economic turmoil of the last 18 months has led many lessors to consider branching out to alternative financial products such as factoring and invoice discounting (ID), in a bid to find new profitable income streams.
One lessor that has recently made the jump from working in leasing to working in factoring is Andrew Bullard, who left State Securities last summer after spending 12 years developing the business, most latterly as sales director.
Bullard, who is now head of business at factoring and ID specialist Cashflow UK, said that the factoring market was an easy jump for him to make.
“I needed a new challenge, and this complemented the majority of my skill-set,” he explained.
Bullard said that leasing and factoring/ID went hand-in-hand, and that it would be an “obvious” move for asset finance companies to enter the ID space, or vice-versa.
Although lessors such as State Securities, Davenham and Close have “dabbled” a bit in the market, he said, there are no big players that really offer both asset finance and factoring/ID as a package.
“I have not seen as much movement as I would have expected,” Bullard said. “It has been done in a limited way, but I am surprised there haven’t been more players.”
He added he does not expect to see much crossover for another couple of years, however.
“The market needs to recover, first of all – lessors need to get some confidence back – and then you will see some product expansion.”
For Cashflow UK, Bullard hopes to make the business the top factoring and ID broker in the UK again, by rebuilding the brand and developing new relationships.
“The business had a pretty high profile up to three years ago, where there was a loss of focus. I am looking to get us back to that number one spot again,” he said.