A Northern Ireland commercial finance company is helping grow local employment thanks to a £4.5m funding injection.
Keys Commercial Finance Ltd announced today that in its first eight months of trading it has supported more than 20 local businesses within the SME sector.
The company has also secured a further £20m in funding for large corporate organisations here via leveraging lines through its own funder, ABN Amro Commercial Finance, based in Manchester.
Said Judith Totten, managing director of Keys Commercial Finance:
“In our first year of trading we have facilitated growth for our clients and underpinned acquisition opportunities while credit managing their cash flow cycles at a time when they needed it most.
“Our clients’ turnover has increased 50% overall during this time, but more importantly our support has allowed them to meet financial obligations, grow their businesses, employ more staff and create wealth in Northern Ireland.
“In a tough economic climate, such as the one we are experiencing, we are absolutely delighted to be bucking the current trend where it can be almost impossible for small to medium sized companies to secure financial support.”
The team at Keys has also successfully collected £3.67m on behalf of clients under their unique, confidential, outsourced credit control function. With an average credit management collection cycle of just 46 days – compared to the norm which ranges from 80 – 85 days.
Judith continued: “Whist we are delighted with what we have achieved so far, we have a very clear focus going forward to grow our own business, increase our lending capabilities, widen our scope of products and continue to support local enterprises and the wider community.”
The Keys brand was originally launched in 1992 by Alan Graham (now retired) as a private finance company and evolved into what is still the only truly locally owned and managed insurance premium finance company in Northern Ireland.
In June 2010, Judith Totten and her team joined Alan’s son, Owen Graham and together they have developed a group which is now recognised as a leading provider of working capital solutions to the NI business community – both via their own finance lines and resources and their extensive range of finance partners here and in GB, Europe and the US.
This culminated in the launch of Keys Commercial Finance Limited in June 2011 and winning the Insider Award of Business Funder of the Year 2012.