Bibby eyes strong growth in South Australia team with appointment of industry expert

MEDIA RELEASE  

 

 

 

Bibby eyes strong growth in South Australia team with appointment of industry expert

Sydney, July 17 2014 – Leading global debtor finance specialist, Bibby Financial Services, has appointed industry icon David Ciccolella as State Manager Business Development for South Australia. David’s appointment compliments Bibby’s accelerating footprint in the developing market for factoring.

 

David joins Bibby Financial Services from Cash Resources Australia with which he spent 27 years serving the needs of South Australian SMEs. Prior to his appointment to Cash Resources, David was instrumental in the establishment and subsequent wind-down of Heller Financial, one of Australia’s founding debtor finance providers.

 

Mr Ciccollella said he admired Bibby Financial Services’ commitment to tailoring flexible funding solutions to SMEs under-serviced by banks and other finance providers and acknowledged that finding suitable funding remained difficult for many SMEs.

 

“Banks remain conservative in their approach, looking for unblemished trading history backed by personal property, but the reality for many SMEs is that conditions and confidence is tough. But the Bibby business model and the way they approach funding scenarios to understand the client is refreshing and it’s great to be supported by a business with such ambitious growth plans, genuine appetite for new business and the scale of a global business with a local focus.

 

Ciccollella continued: “Their ability to also provide bad debt protection, export funding and asset finance solutions was also attractive to me to better meet client needs. I look forward to being part of a successful team and contributing to their continued growth in South Australia. It is a great time to be joining the business.”

Mark Cleaver, Managing Director, Bibby Financial Services Australia & New Zealand said, “We are delighted to have a person of David’s vast experience and stature in the Australian debtor finance industry join our successful team in South Australia. We are fortunate that he joins an already strong national Business Development team to further boost our new business capabilities as we focus on expansion across Australia. We see significant growth opportunities in South Australia and there is strong momentum which we are certain David’s appointment will continue”.

 

The marketing for factoring has grown strongly in South Australia over past years, with turnover funded through the product more than doubling since 2009 to $43m. Over this time Bibby Financial Services has doubled its own market share to account for 1 out of every $2 funded in South Australia through this type of facility.

 

In national terms however, penetration of debtor finance in South Australia remains relatively low. According to Debtor & Invoice Finance Association (DIFA) statistics for the March quarter 2014, the South Australian market represents 11 per cent of total debtor factoring turnover which was equivalent to A$62.8 billion in the 12 months to 30 June 2013. Industries using debtor finance the most include labour hire (35%), wholesale trade (16%) and agriculture & mining (5%).

 

Ciccollela has plans to build significantly on Bibby’s South Australian footprint. “Debtor Finance is relatively unknown as an alternative to bank finance, which represents a huge opportunity. A core part of my role is in working with business owners and finance professionals across the state to ensure the benefits are understood and realised.”

 

Debtor finance or invoice finance allows a business to typically convert up to 85 per cent of the value of their invoices into cash, usually within 24 hours of an application being made. Once payment has been received from the debtor, the remaining 15 per cent, less a service fee, is returned to the business.

“The huge advantage of debtor finance is that it provides a business with an immediate and on going cash supply, which is linked to its level of sales. For this reason, it is a great tool for growing businesses and those needing greater liquidity to keep their businesses performing optimally. Perhaps the single most important benefit however is that debtor finance does not require real estate security, meaning owners need not risk their family home to the business.”

 

ENDS

Media contacts

 

Josephine George, FCR: t (+612) 8264 1002/ + 61 433 145 417

Andrew Briggs, Bibby Financial Services (Aust): t (+612) 9310 8921

 

Bibby Financial Services is one of the world’s leading global debtor finance specialists (also known as invoice finance, factoring, cash flow finance and invoice discounting) - a flexible and accessible cash flow funding tool for small and medium sized businesses.  With over 6500 clients in 15 countries worldwide, Bibby Financial Services is part of the Bibby Line Group, a family-owned business-to-business services group with origins in shipping dating back over 200 years to 1807.
 
Debtor finance is designed to improve business cash flow and support business growth by releasing cash tied up in unpaid invoices. Unlike other funding arrangements, no real estate security is required, making it more accessible for small and medium sized business owners.

 

Bibby Financial Services Australia has grown strongly, in recent years at an average 20% pa, due to increasing awareness of debtor finance as a smart choice for improving the cash flow, and a commitment to providing flexible, tailored solutions quickly. It now serves clients nationally, via a network of offices in Sydney, Melbourne, Brisbane, Perth and Adelaide.

For more information on Bibby Financial Services please visit www.bibby.com.au