30% year on year increase in enquiries for LC Factoring Advisory Service
8/1/2009
The LC Factoring Advisory Service, one of the UK's central resources for factoring advice, has recorded a 30% increase in enquiries in 2008 over the previous year, and a jump in the level of demand for alternative forms of finance from larger businesses with turnovers in excess of £20m.
Les Gordon, Director at the LC Factoring Advisory Service, comments: "The liquidity problem affecting many of the banks has meant that alternative forms of funding, such as asset based finance and factoring, have become more popular than traditional lending for many small and medium sized enterprises (SMEs), and also interestingly, larger businesses that are new to the invoice discounting market.
"This increase in demand is being met with enthusiasm from most asset based lenders (ABLs). We've managed to convert more than three times as many enquiries into deals versus last year, and 1 in 4 deals are currently being underwritten by ABLs."
The LC Factoring Advisory Service, a part of national corporate recovery firm Leonard Curtis, has invested heavily in its online presence during 2008 and plans to increase this in 2009. Gordon continues: "Our web service allows owner managers to ask questions and carry out initial fact finding confidentially, safe in the knowledge they won't get a phone call unless they ask for one. If a follow-up call is requested, people are put straight through to a specialist advisor.
"We also continue to operate a commission free model for referrals, which is appealing to our introducer community."
Leonard Curtis re-launched the LC Factoring Advisory Service at the beginning of the year to guide companies through the complex asset based finance market, offering free and confidential advice to match clients with factors best suited to their specific needs.
For more information, or to contact an advisor, visit www.factoringadvisoryservice.co.uk.
