Anthony Meade, the Finance Director of Family Matters Fostering Ltd, and a client of Calverton Factors, comments: “I have been working with Calverton Factors since April 2001 and feel that I get genuine value for money from invoice factoring."
Milton Keynes, England (PRWEB UK) 29 July 2011
Against a back-drop of the banks being criticised for failing to meet small business lending targets and recent Business Finance Taskforce research revealing that certain types of small firms are less likely to be offered what they want, a company providing a different type of business finance has announced record advances and record profits.
Calverton Factors, based in Milton Keynes, is an independent company providing Invoice Finance facilities to SMEs. This is where a business is offered up to 90% of the value of its invoices when they are raised, rather than waiting to get paid, so they can have immediate funds in the bank.
Over the year to April 2011, Calverton increased its advances to clients by 21% and has announced record pre tax profits of £656,000, up 51% on the previous year.
Comments Calverton Factors director, Mark Byrne: “With credit being harder to find for SMEs, these numbers demonstrate that we still have the appetite to assist young and growing UK businesses. I believe that this is a period of opportunity for the invoice finance industry and for Calverton Factors, and that 2011-12 will be another year of growth for the company.
“These excellent results are down to the hard work and commitment of our staff. Calverton Factors provides a very personal service to our clients; this means that our client retention is one of the best in the industry. Good personal service depends on good people and our commitment to provide our clients with the best service is infused into our culture.”
Antony Meade, the Finance Director of Family Matters Fostering Ltd, and a client of Calverton, comments: “I have been working with Calverton Factors since April 2001 and feel that I get genuine value for money from invoice factoring. When I recently started another company which, by its nature, benefitted from factoring (as local authorities with whom it deals, are regrettably slow in paying) the new account was set up and running within a few days. Cash flow has not been a problem.
“Over the last thirty years I have worked with a fair number of large and small banks and factoring companies in a variety of business arenas. Not all banks are the same - and not all invoice finance companies are the same either. Calverton have provided the same level of commitment and service to us for over ten years now - and I can't say that I have experienced that level of consistency with any other financial institution that I have ever dealt with. I have always found them to be prompt, courteous, efficient and most importantly - flexible!”
The success of Calverton Factors coincides with an increase in lending secured against assets, such as a company’s invoices. According to the latest figures from the Asset Based Finance Association, while traditional bank lending to small businesses is still declining, Invoice Finance and other asset-backed lending rose by 9% in the first quarter of 2011.
Calverton Factors’ subsidiary, Calverton Business Support, which provides back office support, including managing payrolls and issuing invoices, also saw record business levels with income up by 55% and pre tax profits up 53% on the previous year to £120,000.
The company specialises in back office support for the recruitment sector, and has just launched a ground-breaking on-line system to ease the work-load for owner-managed recruitment companies.
Comments Suzanne King of Calverton Business Support: “This has been another year of growth for Calverton Business Support. Our new PROM (Payment and Recruitment Online Management) system, an online system designed to make payments and payroll processing even faster, has been a great success and we are continuing to see strong growth in our recruitment clients.”
For more information on invoice finance or back office support go to http://www.Calvertonfactors.co.uk or call 01908 268888.