Spot factoring firm plots Scottish expansion

IFG, which purchases invoices from firms to help them ease cash flow, is looking to appoint a franchisee in Glasgow in amove that will see IFG target small and medium-sized enterprises north of the Border.

The alternative finance industry, which includes peer-to-peer lending, crowdfunding, invoice discounting and spot factoring, is expected to grow to nearly £7 billion this year, having doubled year on year since 2012.

IFG also cited the Scottish Government’s 2014 SME Access to Finance Report, which suggested that 70 per cent of Scottish SMEs planned to become permanent non-borrowers (PNBs) in future.

The company, which says it offers businesses access to capital without taking on external debt, will highlight the growing alternative finance market at an event in Glasgow today.

It will also use the event to try and attract new franchisees interesting in building a career in financial services.

Chief executive John Mellor, formerly head of client relations at RBS Invoice Finance, will host a question and answer session to help provide greater clarity on the alternative finance industry.

IFG president David Banfield said: “Scotland represents a key market for us, and we want Glasgow to be the hub for all activity in the region. Glasgow’s diverse and growing economy makes it an ideal destination to establish IFG. Quality customer service has been instrumental in our success to date, so finding the right franchisees to act as our feet on the ground remains our biggest priority.”