UPDATE - November 2006
We have drawn your attention to the growing
market for alternative sources of finance and which prompted
our move into Commercial
Broking to provide support for independent accountants when
assisting their clients. Best estimates a year or so ago
was that 20% of all new lending requirements were now passing
through brokers, rather than traditional forms of finance – the
banks – and that there was an indication that it would
move to 40% in the short term.
Research recently released confirms this fact, and reports
that 78% of accountants and brokers have recommended invoice
finance to their SME clients as a means of funding business
in the past year – a 20% increase on the 2005 figures.
Despite the popularity of invoice finance among finance professionals
a large proportion of their clients struggle to break tradition
and opt for a ‘non bank’ facility – indicating
that SME’s have negative perceptions of a credible
form of financing that often is much more flexible that bank
overdraft lending.
Half of the accountants and brokers in the survey felt that
owner and managers lack an understanding how factoring and
invoice discounting can benefit their business- and have
concerns about high fees and that those on the brink of disaster
only use it – and which is simply not the case.
The P&A Broking Department are able provide a wide range
of alternative finance for business clients of accountants
for - business expansion, working capital, commercial mortgages,
stock, ‘turning the corner’, financial reconstructions,
start ups and asset purchases, through a large panel of lenders.
This gives the busy client a level of choice and convenience,
and unlike some brokers we do not charge up-front fees.
In the past 6 months we have handled just over 150 cases
with a mix of financing requirements, including factoring,
invoice discounting, major asset purchases, trade finance,
stock loans and commercial premises, as well as a number
of clients seeking to rebank. Supporting our view that we
can provide accountants and their clients with an efficient
service that gives a level of convenience and a range of
options that may not have otherwise been considered.
We have strengthened our team in our Commercial Broking Department
with 2 senior appointments to expand our operations -
Linda Greenwood joins us as a Commercial Broker and will
service our client base across the North. She has 14 years
experience in retail and business banking at HBOS followed
by a period in invoice discounting and factoring at the Skipton
Business Finance and latterly at Venture Finance. Her track
record and experience in all types of ABL lending will ensure
a first class service for clients
Richard Pinder joins the team as a Lender Services Executive
from the Corporate Banking Division of HSBC. He has specific
responsibilities to develop and maintain relationships with
the Lender Services panel of lenders. With a degree in Law,
Financial Services and associate membership of the Chartered
Institute of Bankers he is uniquely placed to support the
growth of the company.
David Yule joins the Lender Services team as a Collateral
Analyst from Barclays Sales Finance, prior to which he trained
with a Midlands Accountancy practice as a Chartered Certified
Accountant. He works in Mike Sanderson’s team of specialists
that provides a range of outsourced services across the UK
and Europe for major UK and US based Asset Based Lenders.
These three appointments support our determination to be
a major player in a growing market for new and alternative
sources of finance. They all bring a wealth of complimentary
skills that enable us to help business- new and old- to grow,
whether that’s by providing a fresh source of working
capital, finding a new banker, getting a commercial mortgage
or maybe to find funds when the business has been going through
a difficult period. Importantly it enables our Business Rescue
Practice – The P&A Partnership – to find
a whole range of solutions for companies with emerging financial
problems, and that’s a service you won’t get
from most Insolvency Practices!
If you would like more information about our range of services
that may assist your client speak to-
Richard Pinder on 0114 278 8868
or Steve Dunwell on 0791 776 1341
or Linda Greenwood on 0782 431 1507
There is more information about the P&A Group activities
at
www.thepandagroup.co.uk
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