Bibby buys invoice finance firm

26/03/2008

The Bibby Financial Services company has agreed a deal that will see it take control of an invoice discounting business with operations in the UK.

Bosses at Bibby have described the acquisition as being part of its strategy for growth in Britain's invoice finance sector and the company is aiming to integrate the business into its existing operations over the next few weeks.

The consideration relating to the purchase has been not been disclosed but it is believed that the current owner of the invoice discounting business Siemens Financial Services no longer considers it to be among its core assets.

"Siemens' single invoice factoring business has carved out a strong niche providing finance principally to the car body repair industry," said Bibby Financial Services' chief executive David Robertson.

Bibby's financial services are designed to meet the needs of small firms that operate in the UK and are in need of cash flow solutions, the 200-year-old company has explained.