LC Factoring Advisory Service receives 200 million pounds worth of enquiries in 4 weeks
18/9/2008
The LC Factoring Advisory Service, the UK's central resource for factoring advice, is experiencing first hand the trend towards alternative forms of finance. During the month of August, the service, part of rescue and recovery specialist Leonard Curtis, has fielded £200million worth of enquiries.
Les Gordon, Director at the LC Factoring Advisory Service explains: "Earlier this month, ABFA revealed that asset-based finance has become the main lender for UK companies, as traditional bank funding suffers at the hands of the credit crunch (Economic Report, Q2 2008). Owing to their own liquidity issues, banks are becoming increasingly reluctant to lend and as a result we are starting to see ever larger companies turning to factoring as a viable means of improving cashflow.
"Factoring has long been a popular means of raising finance for start-ups or smaller companies, particularly those wishing to fuel rapid growth. Today, however, it is not uncommon for us to find ourselves offering our free advice to companies with more than £40m in turnover, and this recent four-week period has proven that there are now an unprecedented number of larger UK SMEs seeking asset-based finance. The fact that we are able to advise on, and implement, confidential invoice finance services has also proved to be a big selling point."
Leonard Curtis set up the LC Factoring Advisory Service to guide companies through the complex asset-based finance market, and offers free and confidential advice to match clients with funders best suited to their specific needs.
For more information, or to contact an advisor, visit www.factoringadvisoryservice.co.uk
