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UK’s Leading Independent Invoice Finance
Provider in Major Acquisition Deal
12th May 2009
Close Invoice Finance has today announced that it has
acquired the factoring business of Ireland’s longest running invoice finance
company, Ulster Factors, for an undisclosed sum. The leading independent invoice
finance company, part of the FTSE 250 merchant banking group Close Brothers
Group plc, announced the acquisition as part of its ongoing UK expansion.
David Thomson, Chief Executive Officer of Close Invoice Finance said:
“Ulster Factors is one of the most experienced and respected invoice
finance companies in Ireland with an enviable client list. We are delighted
with today’s announcement which will enable us to continue to expand our
business across the UK.”
David added:
“This acquisition will allow us to support even greater numbers of
cash-strapped SMEs and offer them a lifeline at a time when other forms of
finance, notably bank lending, have dried up. In the current economic
environment, it has never been more important that SMEs consider and take
advantage of all the alternative sources of finance available to them.”
Close Invoice Finance is a leading provider of invoice finance. The company
is known for responding quickly to meet the changing needs of clients. Recently,
as more and more businesses are impacted by late payment and bad debt, Close
upgraded its award winning invoice discounting product, IDeal™, to include bad
debt protection cover. IDeal™ now offers clients all the benefits of the
real-time exchange of payment, plus the extra peace of mind of that comes with
knowing they are fully covered should any of their protected customers fail to
meet payment terms.
