Cpcmcredit Blog

This certainly came as a surprise to me. Whilst its been widely known that Aldermore’s “working capital” clients book has been up for sale for sometime, I had assumed that another suitor was likely to close the deal.

First thing to point out is that this does not include all the current Aldermore invoice finance clients and broadly speaking its related solely to the construction division. Reporting on the transaction has perhaps not made this as clear as it could be

For affected Aldermore clients (including an important one of mine) not too much will change in the immediate term. The book has been brought and thats pretty well that. What should change is the level of service in this division and for the better too. I rarely specify particular lenders pros and cons because frankly thats an essential part of my offerint but the service and more especially the attitude of the more senior members of the account management team, left a lot to be desired. From conversations, I am aware that Bibby has noted this as an issue

That said, from a brokers point of view, this has severely limited the number of players in what is a already too small field. Construction finance is tough and requires specialist skills but competition is vital for everyone and as much as I am pleased to see the likely enhanced service offering from Bibby, I would also very much welcome new entrants into this market