Venture Finance PLC announces today that its Q3 results for 2009 are the best it has achieved in a decade. The Independent Invoice and Asset Based Lender has provided consistent support to UK businesses, in what has been a difficult time for liquidity. As a result, Venture has witnessed a 42 per cent increase in new clients above the usual third quarter average, dating back to 2000.
By being a solid partner during turbulent times, Venture has responded to the growing demand for Invoice and Asset Based Lending services as increasing numbers of UK businesses seek out robust, reliable and responsive methods of funding due to the loss of confidence in the traditional finance sector.
Venture has responded to the changing market needs during 2009 with a range of innovations and partnerships in a bid to stimulate the recovery. The launch of Fast Track Factoring has provided faster access to funding for SMEs and Venture is the only independent invoice financier authorised to provide the new Government-backed Enterprise Finance Guarantee – having already lent £3m through the scheme. Through promoting Bad Debt Protection services, Venture has seen the number of new clients taking this option increase from 33 per cent to 56 per cent year on year.
Venture Structured Finance’s sales pipeline also continues to expand, with confidence amongst UK businesses returning. Market activity is increasing at the larger end, with a growth in refinance deals and acquisitions gradually returning.
Commenting on the results, Peter Ewen, Managing Director, Venture Finance PLC said: “It has been a defining year for both Venture and the Invoice and Asset Based Lending industry as a whole. We have prioritised getting funding to UK businesses quickly and reliably so they may weather the economic storm. The Invoice and Asset Based Lending industry will be a cornerstone of the economic recovery and play a crucial role in enabling companies to emerge from the recession in a position of strength – and Venture has demonstrated it is ready to rise to the challenge.
In our 20th year of operation we are going from strength to strength. Our collection processes have been acknowledged as two weeks faster than the industry average, and both our experience and high service levels have been recognised at the 2009 Business Moneyfacts Awards and ACQ Awards, winning the ‘Best Service from an Asset Based Finance Provider’ and 'Independent alternative finance provider of the year' prizes respectively. I am proud of what we have achieved and look forward to the next quarter with great optimism.”
Venture Finance recently hosted an industry think tank discussion, in the heart of the City of London to examine Invoice and Asset Based Lending’s position as a mainstream funding option for businesses and scrutinise possibilities for further development.
The white paper outlining the findings and recommendations of the think tank will be issued shortly.
