Tag Archives: invoice finance

Finance and Banking, Finance News, International News, News, North of England

WeDo Business Services makes acquires significant stake in Australian finance firm

A north west business services group has gained a foothold in the Australian market by making a strategic seven-figure investment in a Brisbane-based invoice and trade finance company.

WeDo Business Services, which is headquartered in Oldham, has taken a significant stake in Invoice Finance Group (IFG).

IFG had been seeking an investment partner to help take it to the next level by adding funding capability and new business finance products. At the same time, WeDo was looking to establish itself Down Under.

WeDo directors Mark Lindsay and Chris Robinson engaged Wayne Smith, a former senior executive at Sydney-based business finance company ScotPac, to help with this phase of their growth plan.

Wayne was able to bring both parties together and helped to structure the deal. He has become chairman of IFG following the investment, and will work with its founders and directors Paul and Angela Tonges on its expansion strategy.

Mark, group chief executive of WeDo, said: “Our invoice finance business has been built on a simple model of delivering solutions in a transparent and value-added way, working with clients to ensure they get more than they expect.

“It was refreshing to see that IFG shares a similar approach which is very client-centric.

“The independent finance market in Australia is not as competitive as it is in the UK, and therefore we feel there is scope for IFG to expand significantly and develop additional service lines, much like our UK business has done in recent years. We are extremely excited by the opportunities and growth potential for IFG.”

WeDo provides a range of services to small and medium-sized companies. In addition to invoice and trade finance and start-up funding, it provides HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.

Mark and Chris founded the business in 2019 with just four staff and the company has grown rapidly through organic expansion and acquisitions. The group now employs almost 100 people across its network of offices, including sites in Colchester, Swindon, Sheffield and MediaCityUK in Salford.

IFG is a boutique business which husband and wife team Paul and Angela set up in 2011. It specialises in providing invoice finance to businesses across Australia.

Paul said: “As the founders, we are very excited about the next chapter of IFG’s growth strategy. We’re delighted to share a common alignment in our vision and values with our new investors, by continuing to exceed our customers’ expectations.

“This strategic investment will allow IFG to better service our existing clients and attract new customers by enabling us to offer a broader range of finance products and a larger deal size. With so many Australian small businesses desperate to fund growth, IFG will be able to assist many more SMEs.”

News

One Stop Business Finance secures facility increase with Shawbrook Bank

Specialist working capital, property development and bridging lender, One Stop Business Finance Limited has secured an extension of up to £4 million to its existing £6 million funding line from Shawbrook.

The amendment to the facility, signed on the 13th of September – contributes to the alternative lender, One Stop Business Finance Limited continuing to grow its loan book and exceed lending targets for the year.

The facility has increased to £10 million on an uncommitted basis, which allows One Stop Business Finance Limited to continue to support SME businesses throughout England and Wales. This follows sustained profit growth and a successful recruitment campaign, which saw eight new team members join the group earlier this year.

The company typically funds secured property transactions, offering responsible, alternative funding solutions such as working capital, bridging, revolving credit facilities, and invoice finance.

This agreement is a strong endorsement of the development of One Stop Business Finance’s commitment to investing in business growth, operations and risk procedures and offering exemplary customer service.

Due to its proximity to its customers and the market, owner-controlled One Stop Business Finance has the flexibility, knowledge, and appetite to help businesses when their bank is unable to do so.

Andrew Mackenzie, Group Managing Director of One Stop Business Finance, commented on the facility increase: “I am delighted that we have been able to build further on the relationship that we began with Shawbrook in 2019. This additional funding line continues to sit well alongside our private money and ensures that we have sufficient cash availability to deliver our short-and medium-term plans. Shawbrook continues to be very easy to deal with and has wholeheartedly bought into our strategic growth plans.”

The Speciality Finance team at Shawbrook has an established track record in providing funding lines to non-bank specialist lenders across multiple sectors, including property, SME, and consumer finance.

Luke Randell, Associate Director of Speciality Finance, commented that “Shawbrook has proudly supported One Stop Business Finance since 2019 recognising the business’ success in providing flexible financial solutions. We were able to provide a bespoke funding solution increasing our facility to £10 million following years of successful prudent loan book growth. We value our relationship with One Stop Business Finance and look forward to remaining a key funding partner as the business continues to grow.”

Appointments, Finance and Banking, News, North of England

One Stop Invoice Finance strengthens team with new Operations and Risk Director, Tracey Best

East Yorkshire-based SME funding specialist, One Stop Invoice Finance, the most recent addition to One Stop Business Finance Group, has further strengthened its expertise with the appointment of Operations and Risk Director, Tracey Best.

Tracey joins the team from Aldermore and brings with her over 21 years of specializing in Invoice Finance, after working for both challenger and high-street banks.

Lynn-Marie Jameson, Managing Director of One Stop Invoice Finance expressed her delight at Tracey joining the team: “We are incredibly lucky to have attracted such a well-thought-of and experienced invoice finance professional. Tracey is a pleasure to work with and is already proving invaluable; I’m looking forward to what the future will bring.”

Speaking of her appointment, Tracey said: “It’s an exciting opportunity and enables me to draw on everything I have learned to date in my career, plus to learn a lot more! Everyone has been so welcoming, and it is clear to see the enthusiasm in the team.”

Based near York, but offering Invoice Finance across England and Wales, One Stop Invoice Finance provides early access to the funds owed to customers, whilst they’re waiting for invoices to be paid by customers.

Andrew Mackenzie, Group Managing Director of One Stop Business Finance added: “I am delighted that we have managed to secure someone of Tracey’s calibre as the Operations and Risk Director for our new Invoice Finance business. Alongside Lynn-Marie as Managing Director and David Nadler as Non-Executive Director, this gives us a senior management team that will deliver the diversification and organic growth that the group is seeking to achieve. We have developed a product offering that we believe is unique in the Invoice Finance market and which we will be launching in the next few weeks.”

Photo attached shows (from L to R):

  • Andrew Mackenzie, Group Managing Director – One Stop Business Finance, Tracy Best, Operations and Risk Director, and Lynn-Marie Jameson, Managing Director – One Stop Invoice Finance
News, North of England

Fast-growing WeDo Business Services moves to new headquarters

A fast-expanding business services group with revenues soaring towards £10m has moved to new headquarters to accommodate its growing team.

WeDo Business Services has relocated to Meadowbank House, on the Meadowbank Business Park in Chadderton, Oldham.

The group previously had its head office at the nearby Hollinwood Business Centre.

WeDo provides a range of services to small and medium-sized companies, including invoice and trade finance, start-up funding and HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.

The business was founded by Mark Lindsay and Chris Robinson in 2019 as WeDo Finance with just four staff and has grown rapidly through organic expansion and acquisition.

Turnover for the year to July 31 is forecast to be £9.5m, an increase of nearly 60 per cent.

The group has offices in Colchester, Sheffield and Swindon as well as at MediaCityUK in Salford and at Chadderton, and employs 95 staff in total.

Its new HQ gives the group scope to accommodate more recruits as well as staff visiting from its other offices.

Group chief executive Mark Lindsay said: “The move to Meadowbank House is transformational for the business. We had been at Hollinwood since our creation in 2019 but our expansion meant we required more space for our head office team.

“Many of them live in and around Greater Manchester, so it was important that our new base was close to the Metrolink and the motorway network, with plenty of available free parking for staff and visitors. Most staff have a short commute, and some can even walk to our new offices, which is great.

“We are easily accessible and can be in the city centre quickly if necessary, so it’s an excellent location for us.

“The new office also gives us scope for further growth as we look to continue our organic expansion and seek acquisitions to bolt on new services.”

WeDo’s new office features breakout areas with a pool room and a PlayStation.

Mark said: “We encourage staff to get away from their desks regularly and create a social environment that supports creativity, positivity and productivity as well as positive wellbeing.”

He said the pandemic and its lockdowns had presented growth opportunities for the group, as clients sought additional areas of support such as HR advice, business forecasting, business advice and investment.

“We’ve developed rapidly by becoming a true business service partner to our clients, helping new and existing businesses to significantly improve their cash flow, their operations and their earnings potential,” he added.

“Our strategy is to continue to expand the range of services we are able to offer and to further strengthen our relationships with existing clients as well as helping us to attract new ones across the country.”