Bibby wins Best Invoice Discounting prize

04/12/2008

Bibby Financial Services has won the accolade for Best Factoring/Invoice Discounting Provider at the National Association of Commercial Finance Brokers' Awards last week.

The winners were announced at a dinner at the Celtic Manor Resort near Newport in Wales last Friday. Awards also went to Manchester-based Davenham Group, which was crowned Specialist Lender of the Year; Lloyds TSB for Business Bank of the Year; and Lombard for the Best Vehicle Financier.

The winners were chosen by members of the association, a trade body for commercial finance brokers.

On the company's website, Bibby says it invoice discounting service "means that we can help you improve your cash flow by providing an immediate injection of cash against the value of your outstanding invoices. Then as you raise an invoice, we can release up to 85% of the value of that invoice within 24 hours. The remaining 15%, less a small service fee, will be paid to you once your customers pay."

Bibby requires that its customers turn over at least £1 million a year and are profitable.