A Newport-based finance brokerage has placed £9M of funding over the past 12 months, and aims to double that figure to over £18M by the end of 2016.
Simply Factoring Brokers, based in Gold Tops, Newport, opened its second office in late-2015 in Eastbourne and plans to open two other offices in key locations across the UK in the next 18 months. The business saw a 130% increase in turnover between June 2014 and June 2015, and the firm is on track to more than triple its revenue with projected growth at 230% by the summer.
Director Steven Adams said: “The funding lines we achieved in 2015 absolutely smashed our targets and exceeded all expectations. The appetite for growth is on the lips of many a business owner, and the funding we secure helps release much needed cash from sales ledgers. The £9M we placed with our clients will not only help them continue trading and sustain productivity, but will also fund growth and increase employment; something that is absolutely vital for the country.”
Discussing what had led to the increase in business, Mr Adams said: “Simply, It’s down to knowing the market. Businesses need sensible funding lines that are bespoke to the needs of the client. Off the shelf products only go some way to helping, that’s why it’s so important to use a broker who can offer a tailored solution. This year, we intend to experience a substantial increase in business due to the growth of our team and offices across the UK. Based on the average client value, we should secure £18.75M in funding lines that funds businesses with a combined turnover of £150M.
“Businesses in the UK have huge problems with getting paid on time and we help ease that pain by releasing the vast majority of that cash value, almost instantly.”