After experiencing four consecutive years of growth in the north, Independent Growth Finance (IGF) made the move to bolster its team in the region. The company highlighted the growing asset based lending (ABL) demand in Manchester as a key driver. The market in the region is estimated to be in excess of £300 million per year.
In the last three years, the leading independent lender has supported businesses with £345 million of funding, with a quarter of the deals occurring in the North. During the initial COVID-19 lockdown, the CBILS-accredited lender provided over £11m in facilities to SMEs in the region with a well-developed pipeline to follow In the remainder of 2020 and beyond.
IGF recently appointed Adam Bradbury as ABL Director, to work alongside Richard Spielbichler to support businesses inManchester and the wider north west region. The five strong team in the north is supported by Client Manager Miles Burgess and Senior Client Director Jim Millar who bringsover 30 years of ABL experience to the team.
Matthew Shepherd, commercial director at IGF, added: “There is a strong demand for ABL funding in the north amongst commercial mid-market businesses. These businesses with a turnover ranging from £5m-£100m are oftenfrustrated by traditional lenders. ABL presents an opportunity for them to unlock the value tied up in a variety of assets. Our goal is to continue supporting entrepreneurial businesses during this time and ensure they are getting the funding needed to continue reaching growth aspirations.”
Safeguarding businesses in 2021
Businesses in the north have stayed resilient through theCOVID pandemic. Taking proactive measures to safeguard and survive. Although this period has offered its fair share of challenges there have also been opportunities for businessesthat have been able to adapt. In May earlier this year, one of IGF’s clients Stan Chem International pivoted its service offering to provide hand sanitiser to key essential workers.The funding provided by IGF allowed the business the flexibility to act on this opportunity. Within one week, the company had produced its first hand sanitisers and within four weeks, half a million bottles were distributed to customers.The company has expanded its product line portfolio as a result of the pandemic and will look to continue offering the range long-term.
Shepherd adds, “Businesses were forced to get creative this year. They had to shift service offerings, production timelines, budgets and financial forecasts. But one thing they’ve all stuck to is their drive to say resilient.”
Last year, IGF launched its Powering Freedom Report, which found that Manchester businesses were looking to secure £130,000 more in funds compared to London. This year the asset based lender is determined to demonstrate how they can support these aspirations with ABL. Asset based lending is secured against receivables, inventory, plant & machinery and property allowing businesses to unlock the funding tied up in assets.
