A finance brokerage headquartered in Newport has announced record growth as it consolidates its position as a national leader in invoice finance.
Simply Factoring Brokers, which relocated its headquarters from Bedwas to Newport in mid-2015, has doubled its turnover between June 2015 and June 2016 to £350,000, and the firm is on track to more than triple its revenue with projected growth at 250% by mid-2016.
The invoice finance brokerage, headquartered in the Gold Tops area of Newport, has opened two other offices in strategic areas of growth in the last 18 months in Manchester and Eastbourne, Sussex. Further expansion to the Birmingham and Bristol areas are planned over the next 12-18 months.
“Aggressive growth was our aim over the last two years and we certainly achieved that goal.” said director Steve Adams. “The next phase in our journey is consolidation. We are looking to grow our client base as well as our staff number in each of our three locations in the UK before we move ahead with opening further offices in the midlands and south-west.”
Speaking of the components of success over the last year, Mr Adams said: “Last year we placed a total of 72 deals. This year, that number looks just north of 180, which demonstrates the appetite in the market for the products we source, as well as the confidence we instil in our clients. One of our goals from day one was to be the biggest brokerage for this type of finance in the UK. We’re not quite there yet, but if we continue to growth projections we have been meeting over the past couple of years, this should be realised within 18 months.”