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KIRKLEES BUSINESS NEWS The business NEWSpaper for Kirklees
£50m fund targets enterprising firms
A SPECIALIST finance business with operations in Birstall has almost doubled profits during its first full financial year as part of the new British bank. The invoice finance division of Aldermore – formerly known as Absolute Invoice Finance – was part of Cattles plc before being acquired in November, 2009, by Aldermore Bank plc. The 200-strong team now forms the invoice finance division of Aldermore, working closely with the bank’s other small and medium-sized business divisions, which specialise in providing asset finance facilities and commercial mortgages. Last year, the invoice finance arm of Aldermore almost doubled its profit to £4.7m from £2.4m in 2009. This profit level was recorded against a turnover of £23.82m, up from £20.9m in 2009. The invoice finance division also saw an increase in new business volumes of 40%, taking its total loan book to £110m and breaking the £100m barrier
for the first time in its 17-year history. To mark the milestone, Aldermore has launched a £50m fund aimed at supporting larger SMEs that continue to see their growth ambitions stifled as a result of the ongoing credit crunch. The Aldermore Growth Fund aims to encourage expansion among the UK’s larger SMEs and is open to businesses with an annual turnover of between £2.5m and £25m. The fund will provide medium-sized businesses, which struggle to raise funds through corporate bonds or rights issues, with an alternative option to traditional bank funding. Dave Jones, regional managing director of invoice finance at Aldermore in Yorkshire, said: “As part of Aldermore – and thanks to the continued hard work and dedication of our people – our invoice finance division has achieved a record level of growth and continues to thrive despite challenging economic conditions. “This has reinforced to us the import-
ance of supporting the growth ambitions of other medium-sized businesses across the UK.” Said Mr Jones: “While the term ‘credit crunch’ has been used less and less over recent months as the economy has begun to move out of recession, the reality is that lending to SMEs is continuing to fall. “Alongside the dramatic decline in funding through government-backed schemes, such as the Enterprise Finance Guarantee Scheme, many of the major high street banks have remained reluctant to lend to viable businesses despite significant improvements to their own balance sheet strength. And for many larger SMEs, that means being starved of vital funding for growth. “By ringfencing £50m of our capital in the form of the Aldermore Growth Fund, we’re making it clear to businesses that there are funding options available that could enable them to fulfil their growth.
older people should retire to make way for younger blood. The findings are especially disconcerting for the 57,000 people aged 65 and over who are part of the Yorkshire and the Humber workforce. Despite the default retirement age of 65 ending this year, as far as young people are concerned you hit the old age mark when you reach 62. A fifth of those surveyed believe the
over-60s are slower and are less productive than their junior counterparts – with one in 20 claiming they should be paid less because they work at a slower pace. To counter the misconceptions, Anchor is launching Grey Pride, a nationwide petition to 10 Downing Street calling for Britain to follow the lead of Ireland and Canada and have a dedicated older people’s minister to
Crime figures KIRKLEES firms have been urged to protect themselves against the rising risk of cyber crime as new research shows the true cost of this 21st century economic threat. The alert follows research showing that 75% of the economic impact of cyber crime in the UK is felt by businesses at a cost of £21bn a year.
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■ SUPPORT: David Jones, regional director for Aldermore’s invoice finance division, said SMEs needed funds for growth
Campaign puts workplace ageism on agenda THE Government may be encouraging older people to work longer – but Britain’s young adults want them off the agenda. New findings from older people’s housing and care provider Anchor reveal that ageist attitudes are endemic in the workplace – with 41% of young Britons aged 18 to 24 years saying there aren’t enough jobs for older people to be in work and 14% claiming
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champion the over-60s at the highest level. Anchor chief executive Jane Ashcroft said: “Casual ageism has no place in society and the negative perceptions bear no reality to the lives of the over-60s in England today who are active, energetic and contribute hugely to many of the most successful businesses and organisations in the country.”
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Joining the team CHAMBER bosses have hit a huge six by adding Yorkshire County Cricket Club and IT Farm to the Lockwood-based organisation’s list of patrons.
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