Partner Article

Record Results for Positive Cashflow

Invoice finance company, Positive Cashflow Finance (“Positive”) is delighted to release its annual results, revealing a 67 per cent increase in pre-tax profits, growing from £467,000 to £780,000.

Turnover at the Manchester-based invoice finance company increased by 15 per cent to £3.3 million, up from £2.9 million in the previous year. Positive handled client turnover of £175 million, up 15 per cent on the previous year and advances to clients totaled circa £12 million in the year ending November 2011.

The company, which has 25 staff, provides funding for working capital, buyouts/acquisitions and restructuring to companies with turnover of between £100,000 and £10 million. Established in 2007 by David Smith, Phil Chesham Simon Cook and Peter Davis, Positive specialises in lending to businesses in sectors including manufacturing, recruitment, printing and distribution.

Commenting on the results, David Smith managing director, said: “Invoice finance has become a credible alternative to traditional bank funding. With the banks still restricting lending, more business owners are coming to us to improve working capital in the same way as they would go to a bank to increase their overdraft facility. We are also seeing more approaches from businesses which have been let down by their existing funder.

“Over the course of the last year we have continued our focus on customer service and developing our relationships with clients to fully understand and serve their needs. Our success confirms our belief that business owners are placing more value on finding a supportive and flexible funder. We see SMEs as the lifeblood of the North West economy so it is imperative that these enterprises succeed which is where our service-oriented approach really works.”

Phil Chesham, sales and marketing director, commented: “Growth has continued in the first half of the current year with 28 deals completed in the last three months alone – a record quarter for Positive which has seen advances to clients increase to £15 million.”

In line with Positive’s growth strategy, the company opened an office in Birmingham in November 2011 and is in the process of opening an office in the South of England.

This was posted in Bdaily's Members' News section by Positive Cashflow .