3 Sixty serves the retail, visual merchandising, exhibition, event and commercial interiors sectors. Managing director Richard Inkin said, ‘The P5 350 HS gives us huge versatility due to the hybrid capabilities as well as the high speed and quality levels it can achieve. Its handling of some of the more unique materials we use was also a big tick in the box.

‘The incredible performance levels mean we can now work more efficiently throughout the business, as print is only one element of many in getting a job out of the door. Having more time now to cut, collate and pack the jobs has given us more flexibility in the way we work. The P5 speed levels mean that we will not need to run anywhere near the high speeds it can achieve and still increase our capacity by more than 30% without the extra costs that we would think we would have incurred. Print is about manufacturing a high quality product from start to finish, not just how quickly you can print it.

‘The flexibility of the machine allows us now to go after more business across all sectors we work in – retail, events and the exhibitions sectors to name a few. We know that our clients will see the benefits of our investments which have only been possible with their support of both our customers and our suppliers. Durst was brilliant, along with Compass Business Finance, in putting the deal in place and therefore helping us to focus and drive forward. 2024 has exciting opportunities for everyone but also if we are all honest, a degree of uncertainty, so investment in the right type of equipment is key. We are sure we have made the right decision.’

Mr Inkin also explained that the business aims to make ‘significant’ investments ever two or three years, in order to have up-to-date technology and to maximise environmental performance with regards to inks, material developments and reducing power consumption.

‘Having looked at the offerings available through partners we already have and other manufacturers, we decided to go with Durst because of the technology in the machine and we were confident in continuing a strong and long-term relationship,’ he concluded.

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Attracting well over 100 delegates to the event at Coventry’s Manufacturing Technology Centre, the conference programme was supported by a mini expo of print suppliers and sponsors, covering everything from finance to finishing, MIS to digital presses, and trade printers to carbon footprinters.

Opening the morning were presentations from Lance Hill of Eight Days A Week Print Solutions and Anthony Rowell of Tradeprint. Mr Hill provided detailed numerical insights into sales, net profits, margin and headcount, with all bar margins showing steady growth since 2016. He also revealed the rapid growth of sister business Eight Plus, launched in March 2022 and reaching nearly £6 million turnover in 10 months, perhaps epitomising his advice to ‘never take your foot off the gas’.

Mr Rowell explained Tradeprint’s history from an online order form and eBay store to the business bought in 2015 by Cimpress. In response to the challenges across the industry, the company expanded marketing, filled gaps in its range but also sought to improve its offer to its historic print reseller base through the introduction of Tradeprint Pro and to simplify purchasing for less experienced buyers. This also aimed to address issues in prepress that growing volumes were creating, while the importance of sustainability – both morally and financially – was also emphasised.

Delegates then heard from Elizabeth Bowerman of specialist academic and educational security printer Stephen Austin. Recapping the role of significant women in print from 1477 onward, and her own roles in the industry since 1991, Ms Bowerman then turned to the more contemporary topic of AI as part of her theme of embracing innovation and adapting to change. She pointed out that AI or other software-driven processes are already in use within print in a number of contexts, but said that it doesn’t help on its own but has a cumulative effect when applied across workflow, production processes, customer service, delivery and accounts. She also noted that it cannot replace ‘people you can trust’.

Be prepared

A panel discussion aimed to answer the question ‘is there a formula for business growth that can be identified, or is it just down to being in the right place at the right time?’. Graeme Smith, current IPIA chair, Lucy Swanston of Nutshell Creative Services, Sarah Kilcoyne-Guilliam of Kingsbury Press (now part of Bluetree Group), Adam Short of The Imaging Centre and Jamie Nelson of Compass Business Finance, gave their views and fielded questions from the audience on timing, financing, people and company culture. Whilst all acknowledged that luck does play a part, knowledge of both the printers’ in-house capabilities and customer needs are necessary preparation to seize opportunities; collaboration was also suggested as part of mutual support.

Rob Finnie of Nettl outlined the company’s progress in reacting to internet and print trends through the early 2000s and showed how the business had adapted from printing.com days, noting how previously separate roles within the franchise’s customer businesses had converged and now overlap and suggesting that supporting web, SEO and other online activity had actually led to more print being sold than when it was the only product.

Mike Hughes of direct mail house Latcham provided a candid history, starting from the days of Mail Marketing Bristol, a business run by his grandmother in the middle of the previous century, and logging the high and lows of various launches, mergers and demergers since. The influence of regulation and decisions by major players such as Royal Mail on the businesses was very apparent. As well as a rolling quarterly review and 18–24 months planning, his top tip was ‘who is more important than how’, advocating a ‘consciously incompetent’ approach in which leadership recognises that it doesn’t have all the answers, as well as the time, effort and spend that is required to break into a new market.

Rounding off the day was Simon Cooper of Solopress who complemented his arguments for a ‘trust and empowerment’ management style with a set of detailed charts and data points that not only showed increased employee satisfaction but also improved metrics on productivity – by a number of measures – plus fewer complaints and reprints.

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Matthew Ruff, chair of the IPIA Events Subcommittee commented, ‘The theme for this year’s event encapsulates an issue that is at the very top of business leaders’ minds across the UK print industry: with so many obstacles to growth present in the market – ever-rising running costs, the legacy of significant market disruption, unstable demand and rapidly changing routes to market – how can I grow my business?

‘Rising to the Challenge will provide attendees with insights from print-service-providers and entrepreneurs that are successfully negotiating these hurdles – and which have not just identified growth opportunities – but are actively and successfully exploiting them.’

The speakers will include Lance Hill of Eight Days a Week Print Solutions, Anthony Rowell of Tradeprint, Elizabeth Bowerman of Stephen Austin, Pat Headley of Go Inspire and Mike Hughes of Latcham. More will be announced in the coming weeks.

The conference will also host a special interactive panel discussion entitled Business Growth – by luck or design? This will see an entrepreneurial panel of printers, agencies and finance experts discuss the question ‘is there a formula for business growth that can be identified? Or is it just down to being in the right place at the right time?’

A panel will also answer questions from the audience, providing views and expertise on what it takes to find opportunities and exploit them successfully. The panel will include Jamie Nelson of Compass Business Finance, Simon Cooper of Solopress, Lucy Swanston of Nutshell Creative, Anthony Thirlby of Culverlands Press, and Sarah Kilcoyne-Guilliam of Kingsbury Press.

The conference will also feature an Expo and Networking Hub, with networking opportunities throughout the day in between the talks, where print buyers, suppliers, manufacturers, and technology developers can mix and build new business prospects.

Tickets for IPIA/BAPC members are £85, while for non-members it’s £120, both inclusive of food and refreshments.

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Compass Business Finance operates both as a broker and a finance company. Specialising in manufacturing, specifically in print and packaging, construction and precision engineering, its teams have ongoing relationships with a variety of funders.

‘I’m excited to be moving into a new phase of my career with Compass, it’s a perfect fit for me to broaden my horizons in the corporate space. It is an entrepreneurial and ambitious company, with a great team. Compass has a wide scope, a flexible approach to finance and I like their ethos,’ commented Mr Pocock, ‘I’d also like to thank Close Brothers for the support and opportunities I was afforded during my time there.’

Jamie Nelson, director of Compass Business Finance, said, ‘Jordan will be a fantastic asset to the team, his experience will allow him to hit the ground running and enable us to offer increased support to our markets. Compass has a relational approach to finance, enabling us to bring our customers the best possible solutions; Jordan is a natural fit.’

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It seems as if we have been living through one crisis after another – a pandemic, extreme heatwaves, drought due to climate change, inflation, political instability, war, and an energy crisis. But to panic is never good advice in any decision-making. To determine the new future of this industry, it is important to step back, reflect and look at the broader picture.

Right off the bat, eProductivity Software’s vice president of product management, Nick Benkovich, said, ‘The most obvious trend in growth areas for digital print is the emergence of digital. ‘Emergence of digital’ seems like a strange prediction, but 2023 will be for many the tipping point on digital printing and digital workflow. Multiple digital press vendors are now delivering presses that many of us only ever dreamt of. ‘Print differentiation will also continue to increase as the number of finishing options available to a buyer is at an all-time high and printers will take advantage of ‘increasing print differentiation’ through value-added services and finishing options.

These digital, paperless workflows that supports an average of 40% increase in number of jobs from five years ago, connected, automated with reduced human touch points from order acquisition to delivery to reduce cost of sales, production and billing will be the keys to profitable growth in 2023 and beyond.’ Phil McMullin, sales manager at Epson, predicts, ‘There are several global, technological and market factors that are, and will continue to be, shaping the large-format print sector in 2023 and beyond. Among them is the acceleration of digital transformation that supports hybrid and remote working while also driving greater automation in systems and solutions. Technologies such as artificial intelligence, the internet of things, virtual and augmented reality and cloud computing are all impacting connectivity, responsivity and flexibility.

‘Digital transformation is helping address another market trend set to dominate 2023 – a shortage in skilled workers. Employers are under pressure to ensure they are providing fulfilling, attractive careers in a nice working environment with the flexibility of hybrid work.’

Affirming this view is Jamie Nelson, director of Compass Business Finance: ‘Following the Autumn Statement, it’s clear that the country is set for a recessionary period, costs will continue to rise and businesses will need to keep innovating. Some may find the right opportunity to exit the market, whilst others will take the opportunity to invest. Mergers and acquisitions, as well as MBOs continue to take place at the same elevated rate they have been for the past two years, without sign of ceasing. Businesses should be thinking about cashflow, ensuring debts are structured as favourably as possible; efficiency, to keep energy, material and labour costs low; and sustainability, to protect their long-term future.

‘The skills shortage also needs addressing. Attracting and training young people to our industry is vitally important, not only can they help get the work done but they also bring a fresh perspective and new ideas to our businesses, helping to drive us forward.’ The energy crunch There has been a huge amount of instability in 2022, with businesses across every industry facing economic pressures due to the increasing cost of living and energy prices. The print industry is no exception with labour shortages adding additional pressures for many PSPs. Stuart Rising, head of commercial print at Canon UK, says, ‘In order for PSPs to ride the wave of financial pressures, choosing technology which is future-proofed, energy efficient and built to last has become a key consideration. With the economic challenges we have seen in 2022 set to persist next year, it is important that PSPs go a step further to offer the expertise and customer service that will help build their reliability credentials and develop long-term relationships with their customers.’

Isabella Jelinek, marketing manager at HP, adds, ‘We used to buy everything we wanted outright. But today, you can even rent your car with a subscription service. This shift from a transactional to a subscription-based, ‘everything as a service’ economy, is being driven by millennials, who like things easy, flexible and based on their actual usage. And we’re seeing new business models emerge that put the customer at the centre of a multichannel service experience that gives them customised solutions, continuous updates and a trusted relationship with their service provider. Marc Artigas Roig, sales director at Roland DG, shares similar views. ‘Today, all those associated with the printing industry are hitting the same iceberg – a challenging economic climate – and the need for cost-saving measures as businesses look to survive inflation. In this stead, we will see an accelerated shift in focus towards low energy consumption printers as businesses look to sustain growth in 2023. At Roland DG, we see UV printing continuing to grow in popularity next year.’

Sustainability isn’t going away There is increasing pressure from government and customers for every link in the manufacturing supply chain to progress its environmental capabilities and print will play a key role in the eco transformation. Sustainability is a keyword. But what does it actually mean to be sustainable in the printing industry? Are companies who claim to be sustainable doing the work to fulfil those claims? In fact, can the print industry, which essentially uses materials and creates something, become fully sustainable soon, or in the long run? Many believe 2023 will see companies ensuring their environmental, social, and governance (ESG) processes are central to their strategy. Here are the thoughts of Kevin O’Donnell, head of marketing at Xerox UK, who says, ‘ESG and sustainability will continue to be a big play for printers as clients set higher expectation on suppliers to have clear programmes and measurements in place that manage their carbon emissions, as well as their social impact in the communities in which they operate.

‘With energy costs and costs of services also rising, we’ll likely see printers lean towards the use of technology to rebalance. With this, I’d expect to see an increase in the use of automated and integrated workflows driven by AI which will enable companies to maintain levels of service while working to reduce costs. Warren Werbitt, print consultant at The Print Whisperer, said, ‘I’ve always maintained that everything is constantly evolving in life and in our industry. So when I think about printing trends, I think about the growth of digital inkjet, colour management, automation, print embellishments, targeted direct mail using variable data, and so on. All this will make our industry better, but printers must make a concerted effort to learn the new technology. ‘As far as predictions, I don’t have a crystal ball, but I believe that print is here to stay. I see large format growing – especially wayfinding and directional signage. Digital label printing and print embellishments are also on fire.’ Predictions and trends As usual for this time of the year, our collective minds start wandering to next year and thinking about what the future will hold for our businesses and the wider industry in general.

Lews Evans, product marketing manager at Vivid Laminating Technologies, said, ‘I predict that direct mail will continue to grow. For our industry in finishings, we’re going to be moving further into the personalisation age and more into an engagement age. Printed product needs to not just hold the attention more than digital, it also needs to be interactive. So if you are receiving something printed whether it’s a scratch card foil or a link with a QR code to win a prize via direct mail, it has to be within this new engagement age. ‘In digital print I’d like to see a link to wide format print with some unique projects in direct mail and packaging. They are the two that have grown a lot this year and will continue to grow throughout 2023. I think the low profit, high quantity products don’t even need to wait till next year as it’s clear it didn’t work.’

Ms Jelinek shared HP’s thoughts, ‘Online shopping has risen dramatically in the last few years. E-commerce is now mainstream, both globally and locally. And this growth is accelerating. Right now, 21% of all global sales are online, and that number is predicted to rise to 24.5% by 2025. Our customers know that they have to get on the bandwagon before it’s too late. Being online is no longer an option, it’s a necessity.

‘In recent years, sustainability has gone from being a ‘nice to have’ to a key purchasing driver. 81% of global consumers believe that companies should help to improve the environment And 85% of people say their purchasing behaviour has become more sustainable in the last five years. So, brands are reacting to this increased demand for sustainability, as well as to investors’ sustainability concerns and new regulatory requirements.’ SOS technical support manager Omran Anwar concluded, ‘We foresee continued growth in 2023 for large format, for flexible and especially rigid media. The sign and display market continues to grow, and unlike some of the more saturated print markets, there is room for it to grow further.

‘We are seeing a trend towards diversification: the modern printer is a ‘superprinter’ who can handle several processes under one roof to reduce outwork and exploit as many market niches as they can. So many of our customers who buy flatbed machines are doing so for the first time. ‘The cost can be daunting when taking the plunge into a new market, so the emphasis is on cost effective investment. It makes sense to look beyond ‘big name, high price’ equipment, and SOS have found flatbed machines which offer high quality and performance for a relatively low price point – Gibson is positioned as a premium brand, producing a range of flatbed and hybrid LED-UV printers.’ It’s clear that while we will continue as an industry to be presented with plenty of challenges, both unpredictable and foreseen, there will also be a range of solutions and ideas to help tackle them.

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‘May you live in interesting times’ is an apocryphal Chinese saying that is supposedly meant more as curse than blessing. But whoever said it, no one can deny that these are interesting times, even if not in a good way. The spiralling costs of energy, driven by supply and distribution capacity shortages originating in the pandemic lockdown periods, then exacerbated by Vladimir Putin’s invasion of Ukraine and the closing and possible sabotage of a major pipeline for Russian gas into Europe have fed a perfect storm, coming on top of supply chain issues and skills and labour shortages left over from the Covid-19 pandemic. In the face of reports circulating about companies coming to the end of fixed-price energy supply contracts facing five or six-fold increases that would simply drive many out of business, the UK Government announced in late September that it would fund an energy price cap for business similar to the one announced earlier that month for consumers.

One critical difference, however, is that while consumers get a two-year price cap, businesses have so far been promised support for only six months, with a review planned after three months. While few presently foresee a reliable resolution to the issues by then, it is at least a breathing space to consider the options and to put plans in place for what may ultimately be a deferred rather than cancelled price hike – on top of the effective doubling of prices since this time last year.

Director Mark Nelson of Compass Business Finance comments, ‘The cap will make a significant difference in the short term, but people shouldn’t be planning less than six months in advance. It is good news but it’s still a massive concern for six months’ time – or three months, when it’s to be reviewed – some might choose to close their doors on the basis of the uncertainty. ‘However, this does give some time to decide and perhaps restructure. No one is shutting their doors yet because of prices and the mindset is to find a solution, though things are moving so fast that there’s been no time to recognise or feel the impact, as most have yet to reach the end of their fixed price agreements.

Ultimately print prices will have to move but there’s concern that this will push demand down,’ he adds, noting that the summer period had been generally buoyant. Ian Hamilton, area sales manager and renewable energy specialist at Close Brothers Asset Finance, also urges swift action.

‘Companies should review their current energy costs as soon as they can. I have seen estimates for variable electricity prices recently of between 60 and 102p per kWh, and with current fixed rates finishing this could lead to a significant increase on their current deals. Current forecasts suggest they could rise further, with no guarantee they will revert to former levels. ‘Have companies budgeted for such as increase? Are they able to pass these price increases on to their customers? Many commercial fixed rate deals are expiring on 1 October but fortunately the government has stepped in with a six month support package. This will give customers breathing space to analyse where their main energy costs are coming from and what future costs might look like, even if they are on extended fixed rate deals.’

Two paths you can go by Essentially, there are two threads that printers can tackle: the first is to reduce energy costs by cutting consumption through efficiency measures and/or installing their own local power generation capacity; the second is to refinance to cope with the increased bills. And unlike physical paths, you can take them both at once.

 ‘Looking to the future, business owners would do well to consider renewable energy products such as solar PV, LED lighting and CHP (combined heat and power) engines to reduce future costs over the long-term,’ says Mr Hamilton, who adds that Close Brothers has for a long time helped finance such measures, which as well as providing some insulation from price shocks also represent long-term solutions. He comments, ‘Unsurprisingly, interest has grown hugely in recent weeks and we are supporting existing customers, especially the high energy users, and are being proactive in working with them on appropriate solutions,’ and goes on to again urge timely action.

‘The likelihood is interest will only increase in the coming weeks and months, and with pressure on installers and the product supply chain, for example solar panels, we would urge businesses to take steps sooner rather than later.’

Solar power, like any single-source renewable, isn’t a panacea, being both seasonal and affected by day-to-day weather conditions, but large rooftop arrays can provide a considerable proportion of the power requirement even on overcast days, and every kilowatt-hour you don’t have to pay for is going to help both your business and the environment. If you generate more than you need, you may also benefit from an export tariff to sell it to the grid. Compass has also been active in supporting sustainable energy measures. Mr Nelson reports that for a period there was government support for anaerobic digestion biogas generation which was popular, but the tariffs were dropped. He advises that even putting solar panels on rented roofs is worth doing as the installation can pay for itself, even if the landlord winds up keeping the panels. As energy prices rise, the payback period on initiatives like this will only shorten, too.

Mr Hamilton says, ‘We work with firms, understanding their usage and costs, and by working with trusted suppliers and installers, demonstrate the savings benefits of installing renewable assets. Finance is available up to seven years, which helps any initial capital outlay and spreads the costs. We can also tailor the finance terms to match seasonal income, if required.’ 

Some of the lessons and government responses from the Covid-19 pandemic may also have been blessings in disguise, even if rather small ones compared to the scale of the impact on businesses and lives, suggests Mr Nelson.

‘We saw a resurgence in late 2020 and early 2021 with the CBILS investment support. Firms got through the shock and cash need, were able to restructure and rationalise so they could invest in diversification.’

Compass head of marketing Sarah Lees also noted a focus on sustainability attaching to those investment, with companies replacing two machines with one more productive one and looking into energy efficiency, ‘which will stand them in good stead,’ she observes. The CBILS loans, which were government-backed to 80% of their value, were due to end in December 2020 but because they attached eligibility conditions to delivery and installation, had to be extended to March 2021 because of supply chain issues. That scheme has well and truly finished now but some of the investment incentives from that period are still in place. ‘The Annual Investment Allowance remains at the higher rate of £1 million per year, tax free, indefinitely,’

Ms Lees says, adding that the planned corporation tax increase from 19% to 25% has been cancelled, though since that’s levied on profits it’s perhaps less of an immediate help. It also looks as though the pandemic Super Deduction, introduced in March 2021, which granted 130% capital allowance on qualifying equipment, and 50% first year allowance on special rate assets, will end as planned on 31 March 2023, but that still leaves some months to invest, for those who can. Outside of these measures, print industry-focused finance specialists can help to optimise the other outgoings to improve cashflow and increase flexibility. ‘We can help with cash reserves by reviewing finances,’ explains Mr Nelson. ‘If Firms are willing to share the information, we can look into the whole business and achieve savings via restructuring. We’ve seen improvements in invoicing and management of cash. Every business is different, and every one adapts to the market. We’ve been through shutdown and we know it’s not the solution.’

Mr Hamilton adds, ‘We also specialise in asset refinance and debt restructure, affording the potential opportunity to help businesses reduce monthly asset finance commitments to deliver an improved cash flow position which can prove to be a powerful tool in challenging times.’ Lobbying for ongoing support ‘Challenging times’ is perhaps something of an understatement, with the government seemingly at loggerheads with the Bank of England at the time of writing.

Ian Hamilton – no guarantee prices will revert to
former levels

This is why industry bodies including the BPIF and IPIA are working together to lobby government for extended support on the basis of the large number of SMEs in print surviving on thin margins, and the fact that it is an energy-intensive business. To support an application for ‘vulnerable industry’ status, which would gain longer-lasting government help, the BPIF is running a survey online, in which printers may provide figures – anonymously and in confidence – that illustrate the effect of the energy price rises on the viability of their businesses.

Pending any such classification and offer of further assistance by the government, we can only agree with Mr Nelson: ‘Everyone would have loved more than six months’ support, but no one knows where we’ll be then. The government has bought some time.’ And as a fictional wizard said, all we must decide is what to do with the time given us.

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The SME Confidence Tracker Survey reported that 79% of SMEs believe that the current economic climate is worse than during the pandemic.

Founder Mark Nelson said, ‘We’re seeing businesses being forced back into survival mode, again, many of whom are having to take urgent action to navigate their way through a whole host of critical issues. Following the mini budget, businesses have been provided with some short-term relief, however, many of our customers are looking for longer term solutions.’

Compass has released a discussion paper on mitigating the energy crisis, looking at practical steps and ideas for managing businesses through the period and to advance towards their sustainability goals, including examples from RMC Digital and Browns Print.

Speaking about its solar project, Nicole Spencer, managing director of RMC Digital, said, ‘Our energy costs this summer were half what the usually are, and although we had originally estimated a 5-year payback, rising energy costs have meant that the return on investment has been much quicker.’

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The Business Finance Council is jointly chaired by the BEIS Secretary of State, the Economic Secretary to the Treasury and the Minister for Small Business, Consumers and Labour Markets. Its members include major high street lenders and providers of alternative finance, UK Finance and the Finance and Leasing Association, the British Business Bank and business representative organisations.

The Council collaborated with finance providers, business organisations and government to identify areas that are significant in ensuring that the SME finance market works effectively, drawing up five high-level commitments from these.

The five pledges in the Charter, to which Compass has detailed its specific commitment, are:

• We’re open for business and ready to lend

• We’ll help you build back better after Covid-19

• We’ll support your application and signpost other options if needed

• We’ll treat you fairly at all times

• We’ll work with the government-owned British Business Bank to support SMEs.

Mark Nelson, director of Compass, commented, ‘Working in collaboration with the government and other finance providers is key to being able to offer the best possible support to the market. Signing up to the Charter reaffirms the commitment we have to our customers, to always do our best for them.’

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This additional investment will further increase the flow of funding for asset finance products into UK-based smaller businesses operating in the print, packaging and manufacturing sectors. It will also provide the specialist lender with additional funding for smaller and medium-sized businesses requiring business critical equipment finance over the next three to five years, and contribute to Compass Business Finance’s own growth trajectory whilst supporting businesses as they recover from the pandemic.

Judith Hartley, CEO of British Business Investments, commented, ‘British Business Investments continues to support independent operators in the asset finance sector. This increased commitment to Compass Business Finance Ltd helps to diversify the finance market and provide more choice for companies across the UK. We are happy to continue working with Compass Business Finance Ltd over the next five years, to help those UK companies get the finance they need.’

Mark Nelson, a director at Compass Business Finance, added, ‘The increased commitment from British Business Investments will enable us to further support the demand for funding across our core markets. It is encouraging to see businesses seeking finance for investment and growth, and to continue our provision of funding support in a simple and straight-forward manner.’

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Currently scheduled to run until 31 December 2021, RLS will make up to £10 million (the precise amount offered and the terms are at the discretion of participating lenders) available to businesses trading in the UK that would have been viable were it not for the pandemic, have been adversely impacted by the pandemic and are not currently in collective insolvency proceedings.

The maximum length of the facility depends on the type of finance applied for, currently up to 3 years for overdrafts and invoice finance facilities and up to 6 years for loans and asset finance facilities. Any company that is not a bank, building society, insurer, state-funded school or public sector body can apply for term loans or overdrafts of between £25,001 and £10 million or invoice or asset finance of between £1,000 and £10 million per business. No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

Jamie Nelson, director of Compass Business Finance, explained that, ‘Our accreditation under the Recovery Loan Scheme will enable us to provide more businesses with the funding they need to move forward, whether we’re helping them restructure existing debts or providing the funding for much needed investments.

‘We are now better positioned to assist both larger groups of companies who previously only had access to CLBILS and those smaller companies who took Bounce Backs Loans but would benefit from further support.’

Compass Business Finance has previously collaborated with the British Business Bank to offer Regional Growth Funds, the Enterprise Finance Guarantee, and the Coronavirus Business Interruption Loan Scheme. It has been confirmed that businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, subject to affordability.

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