Advantedge Commercial Finance, a leading national invoice finance company, has secured a £100 million funding facility from Lloyds Bank Commercial Banking and RBS.
Advantedge Commercial Finance is headquartered in Wallingford and has offices in Birmingham, Manchester, Glasgow and Newport. The business provides funding solutions including invoice finance, invoice discounting and bad debt protection to support the growth of small and medium sized firms, helping them to optimise cash flow and drive growth.
This new funding package will support Advantedge’s on-going expansion strategy and follows the recent acquisition of Henry Howard Cashflow in July 2018. The acquisition enabled Advantedge to expand into new premises in Newport to bolster the support it can offer to businesses in Wales.
Established in 2001, Advantedge has grown to become one of the leading privately-owned invoice finance companies in the UK. Having funded more than £2 billion worth of invoices to date, the company currently provides over £60m of funding support to UK businesses across a variety of sectors, ranging from construction to catering.
The funding package for Advantedge is announced shortly after Lloyds Bank unveiled its pledge to lend up to £18b to firms across the UK in 2019.
CEO David Tilling said: “In line with our ambitious growth strategy, Lloyds Bank and RBS’ funding will provide us with the working capital needed to drive our expansion, while continuing to provide exemplary customer service. More businesses will now be able to benefit from our fast, flexible and straightforward finance solutions, allowing them to flourish.”
Martin King, director, asset-based lending at Lloyds Bank, said: “In order for smaller businesses to fulfil their growth aspirations, it is vital that they are able to access the right type of funding at the right time, tailored to support their business plans. Our support of back-to-back lending clients such as Advantedge gives small to medium-sized businesses access to debt finance to help grow their business.
“The support we’ve provided Advantedge will help the company to fulfil its growth aspirations and drive their business forward, without impacting day-to-day cashflow.
“Offering a relationship-led approach to financing and expert sector knowledge are just some of the ways in which Lloyds Bank is by the side of British businesses, helping them to prosper.”