|
Having found out how factoring works and deciding whether it would be of benefit to your business the next stage is to find a factoring company that meets your requirements
All businesses are different and each has its own criteria in respect of the sort of factoring company it is looking for in order to provide it the factoring facility to suit its needs be it outsourcing the sales ledger administration, credit control, bad debt protection or simply funding against invoices to provide the cash flow for growth. It is important to find the right factoring company that your business will feel comfortable working with – remember with factoring there is a need for an on-going close relationship between the factor and its client – so you must select a factoring company that you feel you are going to get on with.
That is where we come in as we know the factoring industry and the services and facilities offered by many of the numerous number of factoring companies. To give you a better understanding of the service providers in factoring and invoice discounting we have listed a selection of factoring companies below with the number of clients they service in brackets. We have broken this list into three sections as follows:
a) Large bank-owned factors
b) Medium – to large factoring companies mostly part of other financial organisations.
c) Small Independent Factoring Companies
LARGE BANK-OWNED FACTORS
Lloyds-TSB Commercial Finance Ltd (7,535 clients)
RBS Commercial Services Ltd (6,875 clients)
HSBC Invoice Finance (UK) Ltd (5,330 clients)
Barclays Bank plc – Sales Financing (4,346 clients)
MEDIUM to LARGE FACTORING COMPANIES
Bibby Factors Group (2,612 clients)
GMAC Commercial Finance plc
Close Invoice Finance Ltd (979 clients)
Venture Finance plc (731 clients)
Euro Sales Finance plc (920 clients)
GE Commercial Finance (700+ clients)
Cattles Invoice Finance Ltd (589 clients)
RDM Factors Ltd (419 clients)
SMALLER INDEPENDENT FACTORING COMPANIES
Potential Finance Ltd – Based in Brentwood Essex
Hampshire Trust Factors Ltd – based in Milton Keynes (90 clients)
London Scottish Invoice Finance Ltd based in Reading & Telford (314 clients)
DCD Factors plc – London based (45 clients)
Independent Growth Finance / Dynamic Commercial Finance Ltd – based in West Malling Kent and Haywards Heath Sussex (536 clients)
Regency Factors plc – based in Bury Lancashire (98 clients)
Ultimate Finance Group plc – based in Bristol (130 clients)
City Invoice Finance Ltd – based in Manchester (200 clients)
Skipton Business Finance Ltd – based in Skipton Yorkshire (151 clients)
SME Invoice Finance Ltd – based in Guildford Surrey (206 clients)
Ashley Commercial Finance Ltd – based in Cheadle Cheshire (199 clients)
Cashflow Partners Group Ltd – based in Glasgow (145 clients)
To decide which category of factoring companies would suit your business is down to personal choice of who you would like to work with but we suggest if you are a new start-up business or are small to medium size then the smaller factoring company would be more suitable. Larger organisations perhaps seeking invoice discounting may be more suitable to the larger bank-owned category or perhaps the medium to large section. Additionally factoring companies can vary in the range of products they offer, the types of industry they support and the basis of charging made.
That is where we come in – you can talk to us about your needs, preferences and we can give you an indication of the factoring company you should be talking too. We can obtain quotations for you and guide you to finding the right facility to suit your business needs.
For further information please contact us via our website or call us on our UK Freephone Number 0800 328 9784 and we will be pleased to assist you.
|
