A Bristol-based financial services company has reported continued growth for its loan book, despite the uncertain economic outlook and higher interest rates.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it had provided funding of more than £500m to UK SMEs in the first quarter of 2023. Figures released by the company, which has now been trading for 20 years, showed new business volumes were up 12% on last year.
The firm said it had provided facilities for 320 new clients in sectors ranging from construction, hospitality and haulage, including for asset types such as cold milling machines, trucks, trailers and mobile cranes as well as property transactions. Ultimate Finance said it had seen its new business in working capital grow by a quarter and it had set a new record high in asset finance lending in March, with total loan book size up 20% and new business volumes up by more than 25%.
