Absolute Invoice Finance Rebrands As Aldermore

Absolute Invoice Finance, the specialist business financier that was acquired in November 2009 by Aldermore, the new British bank, has today rebranded as Aldermore Invoice Finance.

The relaunch marks nine months under the bank’s ownership for the invoice financier formerly known as Cattles Invoice Finance. It coincides with the business recording a 35% surge in new business volumes for the seven months to 31 July 2010, when compared with the same period last year.

Ian Wilkins, managing director of Aldermore Invoice Finance, said: “Joining forces with Aldermore nine months ago enabled us to take huge strides forward as a business, not least because of the liquidity it provided. Having access to a deep pool of capital has meant that we have been able to better support the SME sector at a time when many high street banks are retreating from lending at the smaller end of the market.

“As well as enabling us to increase market share, the support of an exciting new name in British banking has also increased our ability to attract the best people in the commercial finance industry, and we have increased headcount across our six regional offices by 30% this year to 192 people.

“Rebranding as Aldermore Invoice Finance marks the final step in the integration process and brings the invoice finance division in line with the other areas of the wider Aldermore bank, which comprise commercial mortgages, asset finance, residential mortgages and savings.

“Our appetite to grow and do deals has never been so strong or well supported, and we are committed to providing the same level of support to the SME market. Being part of a specialist SME lender like Aldermore will enable us to achieve that ambition and implement our own growth plans at a rapid pace.”

Focused on providing cashflow solutions to SMEs, Aldermore Invoice Finance operates from six regional operating centres across the UK, and offers rapid, local decision-making to clients across a range of sectors.

Aldermore Invoice Finance’s client turnover is in excess of £1.1 billion, and funding solutions include factoring and invoice discounting, as well as support services, such as payroll.