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Top local invoice finance players in major
acquisition deal
11th May 2009
Belfast-based Close Invoice Finance has acquired the
factoring business of Ireland’s longest running invoice finance company Ulster
Factors for an undisclosed figure it was revealed today.
The leading independent invoice finance company - part of
FTSE 250 merchant banking group Close Brothers Plc - announced the takeover as a
strategic move to consolidate its position at the top of the local invoice
finance market.
Harry Parkinson, Managing Director of Close Invoice Finance in Ireland said:
“Ulster Factors is one of the most experienced and respected invoice
finance company’s in Northern Ireland with an enviable client list so
naturally we are delighted with today’s announcement which will enable us to
build on Close’s success to date.”
“The takeover is also great news
for the wider Northern Ireland business community,”
“It
will allow us to reach out to 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.”
Since opening in Northern Ireland in April 2007, Close Invoice Finance has
seen rapid expansion as small and medium-sized businesses increasingly recognise
the benefits of invoice finance over traditional sources of funding such as bank
lending.
Invoice finance provides an immediate injection of cash against the
value of a company’s outstanding invoices. Close offers clients up to 95 percent
prepayment, a level matched by no other provider in the market.
Mr Parkinson
went on to explain that invoice finance is fast becoming the funding solution of
choice, not just among SMEs but also with some of the world’s biggest companies.
“It gives them certainty around their cash flow allowing them to get
on with what’s really important – running their business. Invoice finance is
the sensible, smart thing to do.”.”
