Ultimate Finance has new northern head

13/11/2008

Ultimate Finance (AIM: UFG), has appointed a new northern managing director. Ultimate Finance is an invoice discounting and factoring provider serving the SME segment.

Invoice discounting and factoring solutions have soared in popularity during the economic crisis, as they offer way for businesses to ease their cashflow.

Lee Baty formerly worked as head of business development (Midlands & North) for Bank of Scotland Business Banking. He will be based in Ultimate Finance's Manchester office.

Mr. Baty's appointment was announced in an AGM statement from chairman Clive Garston, who confirmed the market demand for invoice discounting and factoring services: "I am pleased to be able to report that the first four months of the financial year have seen trading in accordance with management's expectations, notwithstanding the difficult economic background," he said.

Mr. Garston added: "With demand continuing for our services, and a reliable flow of funding to serve demand, the board remains confident in the future development of the company."