Home is where the heart is for factoring finance expert’s new firm

Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.

Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.

Finance expert Tony Platts returned to Hull after nearly 30 years to offer his invoice finance expertise to the region’s businesses.

Mr Platts runs First Factor UK, which acts as an online brokerage for factoring, invoice discounting and trade and asset finance, from his office on Marlborough Avenue. Mr Platts, 54, set up the company two years ago after 25 years at Yorkshire and Clydesdale Bank and two short stints at the Bank of Ireland and Venture Finance.

Having been bought up in the East Riding Mr Platts returned to the area a year ago and is now hoping to market First Factor UK to local companies.

Since launching First Factor he has helped about 300 organisations access funding but none of them have been in East Yorkshire.

He feels the area offers an untapped pool of potential clients. Mr Platt said: “Invoice finance is a very popular product these days in the light of how the banks are acting.
“It allows people to raise funds or ease cashflow through other means. “At the moment my business comes from all over the UK but there have got to be potential customers around here.

“Now I am based here I would like to start working with some of these firms.”

During his years working his way up from a trainee to managing partner at Yorkshire and Clydesdale Bank’s national asset finance sales, Mr Platts built up an extensive list of contacts in the finance world, giving him access to a wide range of potential funders.
In the absence of easy bank lending Mr Platts can help businesses access these alternative sources of cash.

He said: “We offer a wholly independent service as we are not tied to any one particular company.

“We have arrangements with many players whether it is for one invoice deal or full factoring or invoice services.

“We can access all the funders that are open for business.” Mr Platt says his key selling point is in saving people time.

As an independent broker he can find the an appropriate lender for all scenarios. He said: “Banks offer invoice finance services in house but the problem is that if you are not a customer they may not look at you in the same way. “If people go to their accountant they will have a particular invoice lender they will go to. “We can just go straight to the best lender for what the client requires.”

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Factoring, in one form or another, has been around for thousands of years. Factoring releases the funds locked up in outstanding sales invoices, is a sure-fire way to turn your outstanding debtors into cash. Factoring is frequently used by businesses to improve cash flow. It can also be used to decrease administration expenses.
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