Invoice finance & factoring providers in the UK
The total turnover of the global factoring industry was nearly £1.2 billion in 2010, according to figures released by the International Factors Group. Globally the factoring market is relatively concentrated with the five biggest factoring companies in each country totaling on average 87% of the national market. With 38% of top 5 companies being bank subsidiaries and 35% being bank divisions, it is clear that factoring has become highly dominated by banks. The five biggest markets in 2010 were respectively UK & Ireland (17.0%), France (11.4%), Italy (10.7%), Germany (8.8%) and Japan (7.3%).
There are a large number of invoice finance and factoring providers in the UK, yet despite the demand for an invoice finance solution, nearly 50,000 businesses UK wide use invoice factoring, there is limited competition on pricing and structure of factoring facilities.