Finance firm secures £100 million package to support growth strategy
Leading national Invoice Finance company Advantedge Commercial Finance has secured a £100 million funding facility from Lloyds Bank and RBS.
Read time: 5 mins Added: 29/04/2019
The Oxfordshire-headquartered business, which has offices in Birmingham, Manchester, Glasgow and Newport, provides funding solutions including Invoice Finance, Invoice Discounting and bad debt protection to support the growth of SMEs, helping them optimise cash flow and drive growth.
This new funding package will support Advantedge's on-going expansion strategy and follows its recent acquisition of Henry Howard Cashflow, which enabled it to expand into new premises in Newport to bolster the support it offers businesses in Wales.
Established in 2001, Advantedge has since grown to become one of the UK's leading privately-owned Invoice Finance companies in the UK.
Having funded more than £2 billion worth of invoices to date, the company currently provides over £60 million of funding support to UK businesses across sectors from construction to catering.
"Lloyds Bank and RBS' funding will provide us with the working capital needed to drive our expansion, while continuing to provide exemplary customer service."
David Tilling, CEO, Advantedge Commercial Finance
David Tilling, CEO at Advantedge Commercial Finance, said: "In line with our ambitious growth strategy, more businesses will now be able to benefit from our fast, flexible and straightforward finance solutions, allowing them to flourish."
The funding package for Advantedge is announced shortly after Lloyds Bank unveiled its pledge to lend up to £18bn to firms across the UK in 2019.
"The support we've provided Advantedge will help the company to fulfil its growth aspirations and drive their business forward, without impacting day-to-day cash flow."
Martin King, Director, Asset-Based Lending at Lloyds Bank
The right funding at the right time
Martin Kind added: "In order for smaller businesses to fulfil their growth aspirations, it is vital that they are able to access the right type of funding at the right time, tailored to support their business plans.
Our support of back-to-back lending clients such as Advantedge gives small to medium-sized businesses access to debt finance to help grow their business.
Offering a relationship-led approach to financing and expert sector knowledge are just some of the ways in which Lloyds Bank is supporting British businesses."
All lending is subject to status.
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