A summer shake-up of the UK factoring industry is underway, with two deals that will have an impact on many SMEs’ finances.
Close Invoice Finance has acquired Metropolitan Factors, creating a client base of over 700.
Leslie Bland, formerly chief executive of Close Invoice Finance, will become chairman of the newly acquired business with David Thomson, Metropolitan MD, joining the board of Close Invoice Finance.
Further changes in the industry will see Bibby Factors team up with Alliance and Leicester, creating Alliance and Leicester Invoice Finance.
The partnership will release up to 80% of the value of unpaid invoices, in line with conventional factoring agreements, with Bibby managing the sales ledger and collection service.
It is believed to be the first time a factoring firm has outsourced business to another factoring organisation. Bibby chairman, David Robertson, said: ‘We are delighted to be involved in this unique arrangement which is a first for the industry.’
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