Bibby Financial Services Review
Bibby Financial Services are the largest independent Factoring and Invoice Discounting provider in the UK, supporting over 10,000 businesses in more than 300 industry sectors over the past 35 years.
They are one of the oldest family-owned businesses in the UK, and are a part of the Bibby Line Group Ltd., which is primarily owned by the Bibby family.
Bibby Financial Services offers a wide range of flexible funding solutions that cover Invoice Finance, Asset-Based Finance, and Foreign Exchange services. They help businesses achieve objectives such as international expansion, improving cash flow, and increasing sales.
So, let’s get busy with our review of Bibby Financial Services.
In this guide you will find
Bibby Financial Services is no stranger to the UK Financial Services sector.
Since 1982, they have established themselves as a trusted funds provider that offers specialist advice spanning several industries including business services, manufacturing, wholesale, recruitment, and overseas trading.
They have expanded their services to cover 20 countries throughout Europe, North America, and Asia. In the UK, Bibby Financial Services has 18 local offices, which makes them easily accessible in terms of client outreach and support.
Bibby Financial Services offerings include:
- Expert specialist advice
- Flexible contracts
- Global business services
- Extensive selection of funding solutions
- Strong client relationships and support
They are members of UK Finance and Finance and Leasing Association, as well as having partnerships with British Chamber of Commerce and British Exporters Association.
As a result of working with a wide range of industry sectors, Bibby understands the needs of different businesses. Their solutions can help you grow your business overseas, improve your cash flow, and unlock cash tied-up in assets.
Bibby Financial Services Costs and Fees
Bibby Financial Services offers a wide selection of solutions and contracts, which means that their associated fees will differ depending on your agreement with them.
Bibby’s Invoice Financing solutions fees are typically 1.5-3% of your invoice value, with an additional service charge of 0.5-3% of your annual turnover. These will depend on a variety of factors such as your funding needs, industry, and business size.
Contact Bibby Financial Services to receive a more accurate quote of the costs and fees your business would face.
Bibby Financial Services Products and Services
Bibby Financial Services has funding solutions for many business types and sizes, complete with expert advice from partnering institutions. Each of their solutions can be tailored and even combined to match your funding needs, which makes them much more flexible than other Business Financing companies.
Bibby Invoice Factoring
Bibby Financial Services offers Invoice Factoring for businesses that want to bridge cash flow gaps from long invoice payment terms, and who want a third party to handle payment collection.
If your business has funds tied up in invoices with credit terms of 30-90 days, Bibby Invoice Factoring can unlock up to 100% of your invoice value within 24 hours.
This solution can be completely confidential to your clients, and Bibby Financial Services also offers Bad Debt Protection to protect you from credit risk. They have no official minimum annual turnover to qualify for their Invoice Factoring, which can be an advantage for businesses with small turnovers.
You have access to an online account management system that is available 24/7 to oversee your statements, funding, and ledgers. Your funding availability grows in line with your sales, which makes Bibby Invoice Factoring a great tool for business development and expansion.
Bibby Financial Services has an incredibly large pool of Invoice Factoring resources, as shown in their recent plans to support a US manufacturer with a $3 million Factoring facility to meet a 400% sales projection in 2018.
Bibby Invoice Discounting
Bibby Invoice Discounting is almost exactly the same as Invoice Factoring, except you have full control of your Invoicing and Debt Collection. This financing solution is especially handy if you are looking to work with Bibby to improve your cash flow, while maintaining a level of control and independence in your process.
You are eligible for Invoice Discounting if you operate in the B2B sector, are financially viable, and have funds tied-up in unpaid invoices with credit terms of 30-90 days. Bibby recommends that you have strong credit management and reporting tools, along with a stable management team, which would ensure that your collections process remains effective and low-risk. Bad Debt Protection is also available.
You have the option to choose between a 12 month contract, 24 month contract, or a flexible 30 day-notice rolling contract. Bibby Invoice Discounting also grants you access to their online platform, Bibby Connect, to manage your account and funding.
Forward Finance
Bibby Financial Services offers Forward Finance as a funding solution for new or small businesses with an annual turnover under £300,000. This is a remarkably useful solution to improve cash flow, fund growth, and reduce problems caused by long-term invoices.
You can receive up to 90% of your invoice value or up to £50,000, within 5 days of submitting your application.
As long as your credit term is 30-90 days and you operate in the B2B sector, you will be able to access funds from your invoices, with no long term contracts or set-up fees. Bad Debt Protection is also offered, as is customary with Bibby Financial Services.
Construction Finance
Construction Finance is an Invoice Finance solution for contractors and sub-contractors with long client payment terms, who face difficulty in financing their current projects or take on other jobs.
Since 2004, Bibby Financial Services has been assisting the construction sector with specialist finance, and can further provide expert advice from partnering construction specialists The Vinden Partnership. They understand how your business operates, and can offer financing solutions that are in line with your needs.
Export Finance
Bibby Financial Services offers Export Finance as a funding solution for businesses that currently, or has plans to, trade overseas. It is a form of Invoice Finance in which you can access funding from invoices to international clients, which tend to take more time to settle due to cross-border barriers.
You will have the support of export specialists who can help you with complications that arise from international trade such as language barriers, currency exchange, and legal difficulties.
There is no upper limit to funding amount, and you have 24/7 access to an online account to manage your funds and invoices.
Recruitment Finance
Recruitment Finance is an Invoice Finance solution for recruitment and staffing businesses. Bibby Financial Services releases cash from your invoices and can oversee your back office administration including time sheet management.
With Recruitment FInance, you are able to cover expenses, manage day-to-day operations, and focus on your business without worrying about your working capital needs.
As long as your invoices have credit terms of 30-90 days, you can get access to up to 100% of your invoice value within 24 hours.
Additionally, you also receive support from RSM Employer Services Ltd., the largest employment solutions provider in the UK. They can provide you with advice if your recruitment business is struggling with operational or cash flow issues.
There are no long term contracts, and only 1 fee charged as a percentage of your annual turnover. Bibby Financial Services also offers Bad Debt Protection.
Trade Finance
Bibby Financial Services offers Trade Finance, also known as Supplier Finance, which is a funding solution for you to pay your suppliers upfront and satisfy increasing client orders. Therefore, you are able to grow your sales and purchase necessary stock, while being able to wait for invoice payments.
Trade Finance is available for UK businesses with domestic and international partners, as well as a viable stock reporting and management system.
Asset-Based Leasing
If you don’t have the necessary funds to purchase or lease equipment for your business, Bibby can purchase it and lease it to you. This gives you the freedom to spend the cash on other business needs such as covering day-to-day expenses or increasing sales.
Lease payments are typically lower than regular loan payments and only occur monthly, which make them affordable and easy to remember.
Bibby takes on the risk of depreciating equipment, and at the end of your contract you’ll have the option to either return the equipment, extend your lease, or purchase the equipment.
Hire Purchase and Refinancing
The Hire Purchase solution means that Bibby Financial Services buys the equipment you need for immediate use, and allows you to spread the repayment over time.
Refinancing unlocks the cash value of your existing assets such as machinery or vehicles, while you continue to use them. Bibby determines the equity value of your asset, and advances you the agreed-upon amount of funds. Ownership of the asset is temporarily transferred to Bibby while you carry on using the equipment and make regular monthly repayments.
Foreign Exchange
Bibby Financial Services offers a Foreign Exchange service for businesses that trade internationally, and use Invoice Finance. In 24 hours, your funds are released from unpaid invoices and converted to your chosen currency, saving you time and effort.
Their global outreach has the knowledge to support businesses operating in international markets, and can reduce the effects of currency fluctuations by locking exchange rates to current prices.
Bad Debt Protection
Bad Debt Protection is offered with all of Bibby’s Invoice Finance solutions. Bibby credit checks all your existing customers, as well as any prospective customers, and can protect against all of your customers.
Bad Debt Protection can cover up to 90% of your bad debts, provided that you have an annual turnover of over £X,000.
Bibby Financial Services Customer Support
Bibby Financial Services has 18 office locations in the UK, all with local telephone numbers you can call Monday-Friday during regular business hours. This makes them considerably more accessible than other independent Invoice Financing firms who tend to be smaller and operate from 1 office.
Their local networks of expert specialists can be reached via phone or email, and you can receive instant chat support via their website.
Bibby endeavors to give you a reply within 24 hours of your online application submission, and will connect you with a dedicated Advisor to help you find the right solution.
Bibby Financial Services Contracts
Bibby Financial Services offers flexible contracts depending on which financing solution you choose.
For Invoice Financing, their contracts are either fixed term or rolling contracts for an unlimited period of time. If you choose one of their Asset Financing solutions, you would be on an affordable monthly repayment plan, which makes the process simple and straightforward.
Bibby Financial Services Reputation
Bibby Financial Services has an impressive record with its customers, many of whom praise the company’s easy-to-use features, ability to help resolve cash flow issues, and flexible contracts. Some customers even reported extending their relationship with Bibby with a long-term contract, after a great initial experience.
On Trustpilot, Bibby Financial Services has a 4-star rating from 189 reviews. Although there exists a number of negative posts regarding Bibby Financial Services, the positive reviews outweigh the negatives. Customers are consistently happy with the polite and professional service, and the wide range of financing solutions.
Comparing Bibby Financial Services
Bibby Financial Services is one of the top Invoice Factoring providers in the UK. We’ve compared them to other independent providers to see how they stack up against their competitors.
| Invoice Factoring Providers | Bibby Financial Services | Calverton Finance | MarketInvoice | Aldermore | Close Brothers |
| Cash Advance | Up to 100% | Up to 90% | Up to 80% | Up to 90% | Up to 90% |
| Time to Receive Funding | Within 24 hours | Within 24 hours | Within 24 hours | Within 24 hours | Within 24 hours |
| Annual Turnover | Not specified | £250,000 – £5 million | Min. £250,000 | Min. £250,000 | Min. £250,000 |
| Contract | Unlimited, rolling contract | 3 month trial followed by tailored contract | No Minimum Contract | Varies | Varies |
| Bad Debt Protection | Offered | Offered | Not Offered | Offered | Offered |
Bibby is noticeably more flexible than their competitors, as are the only one to offer unlimited rolling contracts, and provide up to 100% cash advance.
Should You Use Bibby Financial Services?
Bibby Financial Services is compatible with SMEs, even startups, from all industry sectors. They have focused solutions to meet the specific needs of your business. They can offer you a large pool of resources, with the personalised service of an independent company.
Their flexible contracts give you plenty of affordable options to find a plan that works for you, and you can access their local network of advisors in the UK for further assistance.
Furthermore, you can tailor and combine Bibby’s solutions into something that suits your business. For example, if you trade internationally and have funds tied up in multiple invoices, you can combine Bibby’s Invoice Factoring solution with their Foreign Exchange service. This allows you to receive immediate access to funds, and not lose money from currency fluctuations when you exchange your clients’ payments.
Verdict Bibby Financial Services is the largest independent Factoring and Invoice Discounting provider in the UK, with 18 local offices throughout the kingdom to ensure that they help you find the right funding solution. They offer specialist finance for a wide range of industries, and have partnering institutions that can give invaluable advice for your business. To sum up, Bibby Financial Services has flexible contracts and a variety of financing options that make compatible with a wide range of businesses, from startups to companies that trade internationally. Their eligibility requirements are relatively relaxed, as they prefer to discuss and understand your business before determining whether their solutions can help you. If you’re interested in finding out more or receiving a quote, be sure to reach out to a customer representative either by phone or email. You’ll be able to find their contact information here.
Bibby Financial Services Review
