08 Jan 2019 | 12.10 pm
Close Brothers: Supporting Small Businesses For 140 Years
'Close Brothers puts its clients at the heart of everything it does'
08 Jan 2019 | 12.10 pm
Close Brothers Commercial Finance designs tailored, flexible funding solutions for the customers it supports
This year, Close Brothers celebrates a notable 140-year anniversary. The modern-day Close Brothers is a merchant banking group, with offices across the UK and Ireland, which employs over 3,000 staff. It is recognised as a lender with a consistently strong credit rating and is listed on the London Stock Exchange as a FTSE 250 company.
Since being established in 1878, Close Brothers has supported many SMEs, and today has over 45,000 small business clients. The origins of modern merchant banking have long since been identified through Close Brothers’ entrepreneurial spirit, pioneering attitude and forward planning. With these fundamental values at the core, the business has gone from strength to strength.
Close Brothers in Ireland
The opening of Close Brothers Commercial Finance in Ireland at the beginning of the financial crash in 2008 underlined its commitment to Ireland. Despite the recessionary environment, Close Brothers thrived by offering practical funding options to SMEs across the country.
“Close Brothers puts its clients at the heart of everything it does,” says Ciaran McAreavey, Managing Director of Close Brothers Commercial Finance, who has led the Irish arm for four years. “It’s a fantastic place to work, because we’re always ahead of the curve and can give growing SMEs real support as a result.”
Invoice and Asset Finance
The flexible funding that Close Brothers provides in Ireland sets it apart, especially because the firm designs tailored solutions for the customers it supports.
“Our asset finance products have gained traction in recent years,” says McAreavey. “The types of facilities we offer include hire purchase, refinancing, operating leases, and sale and hire purchase back. All of our financing solutions offer SMEs an alternative approach to improving cash flow when capital is tied up in assets, such as machinery, vehicles and plant.
“We also offer invoice finance facilities, which give companies the opportunity to unlock money they are owed from unpaid customer invoices. This can be more flexible than a loan or overdraft because the facility can increase as turnover grows or changes. Our core invoice finance offering can be supplemented with asset-based lending facilities, where we provide additional funding against property, stock and even cash flow loans.”
Bespoke Finance Packages
Over the last 10 years, the Irish economy has seen a significant amount of growth, with the European Commission forecasting that the country will have the highest economic growth in the EU in 2018 and the second highest in 2019. Close Brothers Commercial Finance has supported the progress of Ireland’s SMEs during this period. It has adapted to offer ever more flexible solutions and created specialist funding plans for the wide range of sectors and businesses it works with.
“Our approach is simply to treat each deal as unique,” adds McAreavey. “We work closely with SMEs to find out what their pressures and goals are, before evaluating relevant balance sheets together to decide how to free up working capital. Every business is different.”
It is clear that it is in the merchant banking group’s interest to provide cash flow solutions that allow small enterprises to continue to develop. As a leading provider of finance to SMEs, making practical funding decisions accessible is central to the group’s overall strategy.
Close Brothers Commercial Finance is proud to support the ambitious, resourceful businesses of Ireland. With its long history and stable position in the market, it seems that Close Brothers Commercial Finance will continue to help SMEs to thrive for many more years to come.
Speak to a local expert from Close Brothers Commercial Finance today to find out more. Call (01) 699 4508 or visit the website, www.closecommercialfinance.ie