Figures recently released by Venture Finance's regional office in the North West show that advances to new clients for the first two quarters of 2009 have almost doubled compared to the same period 12 months ago. A wide range of sectors such as manufacturing, printing and recruitment have benefited from improved cashflow despite the loss of confidence and liquidity amongst more traditional sources of funding. Projections for the third quarter suggest the upward trend has continued despite the historical 'fallow' summer season.
Moreover the team have also witnessed a greater number of businesses wanting to guard themselves against customer insolvency, indicating that North West businesses emerging from the recession will do so stronger and wiser. Research commissioned by Venture has shown that two-thirds of Manchester accountants reported increased numbers of clients seeking to protect themselves with services that insure against bad debt. Ventures own figures corroborate: during the same period, businesses take-up of its Bad Debt Protection service increased from 33 per cent to 56 per cent year-on-year.
Commenting on the performance of the team so far in 2009, Debbie Bell, Regional Director said: "Our performance in the North, where funds approaching £40 million have been advanced to 60 new clients since the start of this year, reflects Venture's national success.
"It is far too early to declare the recession over, but at Venture it certainly feels as if we have turned a corner. The North West team will be looking to build further on a great first half of the year and will continue to support the region's businesses in a bid to stimulate the economic recovery."
As a demonstration of this commitment, Business Development Manager Dave Rushton has been promoted to Associate Director, Business Development North West. His promotion recognises his positive contribution to supporting the North West business community in arranging successful financial packages over his 13 years' experience in the invoice financing and asset based lending industry.
Debbie comments: "Dave's experience in understanding the unique needs of businesses in the region has already made him an asset to the Venture team. This endorsement rewards his intimate knowledge of the Venture offering, dedication in providing genuine funding solutions, as well as delivering the award-winning service Venture prides itself on."
