A Bristol-based financial services company has reported a consecutive record year after provided funding of more than £2.1bn to more than 3,000 SMEs.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said its loan book had grown to a record high of £283m during 2022, amid a “turbulent” political and economic backdrop.
Figures released by the company, which has now been trading for 20 years, showed it delivered its highest ever total funding advances to clients of of £2.1bn an 11% rise on 2021.
Last year Ultimate Finance provided new funding of £125m and a total of more than 1,200 facilities. The company reported an al-time high annual performance for asset finance after seeing new business increase by 11% to £51m - up from £46m last year and 16% loan book growth.
The firm added that it had seen “a positive recovery” in new business volumes for bridging finance during the second hald of the year, up 87% on the same period in 2021 and a record month in December.
Chief executive Josh Levy said: “SMEs are the first to experience difficulties accessing finance during times of economic volatility, yet by virtue of their size rely disproportionately on external finance for cashflow and investment opportunities.
“Against a backdrop of rising interest rates, inflationary pressures and the cost of living crisis, we have continued to accelerate our origination levels at a time when credit conditions elsewhere have been tightening.”
Mr Levy added that Ultimate Finance's “strong capital base, growing and robust loan book” would help it fund “even more” businesses in 2023.
Part of international private investment company Tavistock Group, Ultimate Finance also has offices in Manchester, Leeds, Lutterworth and Edinburgh.
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