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KIRKLEES BUSINESS NEWS The business NEWSpaper for Kirklees
Newly-named firm set for more deals
A SPECIALIST business finance firm has changed its name – almost a year after it was taken over. Absolute Invoice Finance, which has offices at Cleckheaton, has been rebranded Aldermore Invoice Finance. The business – known at the time as Cattles Invoice Finance – was acquired by Aldermore, the new British bank, in November last year. The relaunch coincides with the announcement that the invoice finance firm achieved a 35% surge in new business volumes for the seven months to July 31, 2010, compared with same period last year. Dave Jones, senior regional managing director of Aldermore Invoice Finance in Yorkshire, said: “Joining forces with Aldermore nine months ago enabled us to take huge strides forward as a business, not least because of the liquidity it provided. “Having access to a deep pool of
capital has meant that we have been able to better support the SME sector at a time when many high street banks are retreating from lending at the smaller end of the market. “As well as enabling us to increase market share, the support of an exciting new name in British banking has also increased our ability to attract the best people in the commercial finance industry and we have increased headcount across our six regional offices by 30% this year to 192 people. “Rebranding as Aldermore Invoice Finance marks the final step in the integration process and brings the invoice finance division in line with the other areas of the wider Aldermore bank, which comprise commercial mortgages, asset finance, residential mortgages and savings.” Said Mr Jones: “Our appetite to grow and do deals has never been so strong or well supported and we are committed to
providing the same level of support to the SME market. “Being part of a specialist SME lender like Aldermore will enable us to achieve that ambition and implement our own growth plans at a rapid pace.” Aldermore Invoice Finance’s client turnover is in excess of £1.1bn. Funding solutions include factoring and invoice discounting as well as support services, such as payroll. The former Cattles Invoice Finance was relaunched with a new £100m fund dedicated to supporting the growth of established, early stage and start-up businesses. Providing cash flow solutions to small and medium enterprises, the invoice financier has a network of six regional centres across the UK, including a major site at Cleckheaton to offer rapid, local decision-making to clients across a range of industries.
Blackcurrant Cough Lozenge and Allens Extra Strong Cough Lozenge. The purchase includes all intellectual property, trademarks and stocks relating to these licences. Thornton & Ross takes over the sales, distribution and marketing of the products with immediate effect. Dieno George, chief executive of Thornton & Ross, said the acquisition was in line with the company’s “core competencies” and was set to broaden its distribution base with an introduc-
tion to new trade sectors. He added: “The Allens range will enhance our growing presence in the cough market which is led by Covonia, the UK’s number two and fastest growing major cough brand. “Overall Thornton & Ross will now supply more than one out of every five bottles of cough medicine sold in the UK each year.” Previous distributor Allens & Co (Anglesey) Ltd will be forwarding details of all outstanding orders to
Moving occasion A MOTHER of two who runs music and movement classes for young children in Huddersfield has won a regional franchising award. Kerry Higginbottom who runs Jo Jingles for babies and children up to five years of age, was named Best Franchisee for the North East by the Jo Jingles franchise organisation.
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■ GROWTH PLANS: Dave Jones, senior regional managing director of Aldermore Invoice Finance in Yorkshire
Company coughs up to buy lozenges brand A COLNE Valley company has completed a key acquisition. Linthwaite-based medicinal and household products firm Thornton & Ross Ltd has bought the Allens brand of products from Allens & Co (Anglesey) Ltd. The brand, which was established in the early 1900s, has a loyal and growing consumer base. The range consisting of Allens Pine & Honey Balsam, Allens Original Cough Lozenge, Allens Menthol &
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Thornton & Ross for delivery and invoicing. Thornton & Ross will contact all existing Allens Brand customers in order to ensure a smooth transition of the business. Thornton & Ross produces a number of medicinal and household products. They include Covonia cough medicines and the Care range – the largest volume brand sold in pharmacy. Other products include head lice treatment Hedrin and Zoflora, the leading floral disinfectant.
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Traders on course INDEPENDENT retailers are drumming up trade among Huddersfield’s new student population. Huddersfield University Students’ Union is staging a Market Day during Freshers’ Week to promote the offerings of local firms.
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