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Close Invoice Finance expands Irish footprint with new Dublin presence
February 2008
Close Invoice Finance (Close), part of the FTSE 250 merchant banking group Close Brothers plc, has announced its intention to enter the Southern Irish market less than a year after opening for business north of the border.
The company, which opened its Belfast office in April 2007, is now six months ahead ahead of budget in terms of business generated in the Province. Buoyed by this success, Close believes that gaining a foothold in the Irish market would yield major opportunities to develop its invoice finance offering which features as an increasingly important element of SME's financial planning strategy.
David Thomson, Chief Executive of Close Invoice Finance said that the credit crunch was leading more and more businesses to recognise the benefits of invoice finance:
"Given the current global credit crunch, SMEs throughout the UK and Ireland are collectively tightening their belts. At a time when levels of uncertainty about funding and capital expenditure are growing, securing a reliable source of cashflow is a must.
"We are already seeing this happen in the UK and Northern Ireland and, having taken a good look at the Irish market, we're convinced that there's opportunity to deliver a bespoke service to customers who only really have their bank to turn to when things get tough. Whether they're based in Dublin or Doncaster, Invoice Finance is a smart solution for SMEs who need certainty, need to plan and need a reliable and regular amount of working capital."
Harry Parkinson, Managing Director of Close Ireland added:
"I believe Close has something to offer that is very commercially focused, helping SMEs to gain confidence in their future development even during uncertain times. I've seen for myself the success Close has already achieved in Northern Ireland and believe that companies South of the border will be eager to trial the service too"
Harry will now oversee the company's operations throughout Ireland while Cathal Ryan has been appointed MD with specific responsibility for growing the business in Southern Ireland, initially in the Greater Dublin area. He joins Close Invoice Finance after 20 years with Ulster Bank.
Close Invoice Finance currently employs a total of 160 people at its offices in London, Brighton, Manchester, Newbury and Belfast. The company's expansion into Ireland marks the first stage in its dynamic expansion strategy. Close is also assessing opportunities for opening a new UK base in the Midlands.
