Welsh invoice finance firm Simply Factoring Brokers has opened an office in Manchester to satisfy record growth and national expansion plans. The financial brokerage currently employs 10 staff across two sites in Newport and Eastbourne. With the opening of the new Manchester office, the business is forecast to increase its workforce by 50% by the end of the year.
Steven Adams, director at Simply Factoring Brokers, said: “The expansion to Manchester has been part of our plans for three years. It is incredibly satisfying to see it come to fruition.”
The factoring brokerage’s turnover has increased by 250% in the last 18 months and the company is looking to sustain the level of growth only a matter of months since it opened its second office in Eastbourne. The Newport-headquartered firm has plans to expand into other areas of the UK over the next two years; including the Midlands and Scotland.
Adams added: “The north west is huge area of growth for the business, and with the implementation of the northern powerhouse; it’s a fantastic opportunity to work in a flourishing local economy. We’ve seen the upturn in business in our Newport office over the past 12 months with the introduction of Friars Walk; I’m sure the business community in Manchester will be seeing a similar benefit on a larger scale.
“Currently, we are placing up to 15 deals per calendar month but this is going to increase to up to 20 by the end of this year. By the summer of 2017, we have forecast up to 30 deals per calendar month, which will firmly place us as the UK’s largest independent broker for this type of finance.”