Factoring company secures bank finance

16/10/2008

Bibby Financial Services, which provides factoring and invoice discounting services, has secured a £340m financing facility from a group of banks.

Factoring and invoice discounting services have been much in demand from businesses looking to strengthen their cash flow during the economic downturn, which perhaps explains why Bibby have succeeded in gaining bank finance when so many other companies have failed to do so in recent months.

The banks who provided the £340m facility were led by Barclays Commercial Bank and included Royal Bank of Scotland, Lloyds TSB and EuroFactor.

Barclays took on the role of mandated lead arranger in the refinance of a syndicated loan for Bibby Financial Services. The four-year facility for the Liverpool-based company was arranged by Gary Davies and Steve Coltman, from Barclays Asset & Sales Finance and Alan Brown, relationship director in the commercial banking team in Manchester.

UK and Irish chief executive at Bibby Financial Services, Edward Rimmer, said: "This facility will enable us to continue to meet the high demand that we are currently experiencing for our services but will also help us to achieve the ambitious growth objectives that we have set ourselves for future years."