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Stories Tagged ‘Reviews’

Aldermore Invoice Finance is the 2nd incarnation of Cattles Invoice Finance. Initially they rebranded as Absolute Invoice Finance and now as the invoice finance arm of Aldermore Bank.

The most startling observation of Aldermore has to be the staff turnover. It is simply astonishing. In speaking with a previous managing director prior to the IPO we were told that the executive team were targeted on recruitment and on expanding the sales team in certain areas. This focus on expansion seemed to override the focus on looking after existing staff and they were leaving in droves. Good people from the invoice finance industry were joining and leaving very quickly. Some were even resigning without having jobs to go to.

Another worrying observation was the number of recruits they took from RBS Invoice Finance. A large proportion were from RBS and this was a team that had arguably caused some real issues there. The extent of the problems were somewhat overshadowed by the near collapse of the overall banking organisation but there were specific issues within the invoice finance arm that caused the then MD to lose his job despite his recent arrival.

Having had dealing with Aldermore Invoice Finance I would question their honesty and customer service. I have seen a client that they refused to assist with an increased funding request try to exit the relationship. The relationship manager involved was very aggressive and this resulted in a formal complaint to both Aldermore Invoice Finance and Aldermore Bank including their CEO Philip Monk. Astonishingly the individual involved was named on the formal complaint acknowledgement letter as the individual that would be investigating the complaint. Unsurprisingly he concluded his investigation and advised he had not found any wrong doing. The client wanted to leave to go to another lender that would provide unrestricted funding of their debtor book. Aldermore charged a hefty termination fee which goes against what is advised by the ABFA Code of Conduct. The ‘Guidance to the ABFA Code’ it states:

“3.2.3 Where a client requests termination of a facility without the required or any period of notice, even though Members may not have any legal obligation to agree, they are encouraged to give reasonable consideration to such request, particularly where continuation of the facility may cause hardship to the client.”

The relationship manager advised verbally that he did not care about the ABFA Code of Conduct and they would do as they pleased. This seems to be common practice and I have one client who was arguably forced out of business by Aldermore’s termination fees.

In terms of honesty I have personally had issues with senior members of the Aldermore team in terms of how they have handled enquiries. It would appear that honesty is optional.

There was a case of a large haulage company that was with HSBC and needed a new funder. There were several large players involved and all looked at supporting the business to some degree. However, the Aldermore offer was far more aggressive. One lender had been there doing due diligence for 3 days and was advised that Aldermore had only taken 1 day on their due dilligence. Aldermore funded the deal in January and almost immediately withheld funding. They were aggressive with the management team of the business and ultimately forced them to leave in March. Sadly, arguably due the restricted funding implemented by Aldermore, the business went into administration in the May.

I think you would need to question the competence of Aldermore.

One of the biggest issues Aldermore Invoice Finance has is defining what deals or transactions they can support. They don’t seem to command a particular position in the market. You could argue that they are not particularly good at anything and are more of a generalist. This seems to impact on their ability to win deals in the market and also on their ability to service clients once they are on board.

They also took on board a team from another lender that specialises in construction finance. One of the senior team members, who still works there, is a convicted shoplifter.

If you have a requirement for invoice finance it is safe to say there will be better options in the market than Aldermore. Do your research, look at reviews and take advice.

If you would like to share your experience with Aldermore please feel free to comment.

Factoring company reviews – speak to Smart Factoring Quotes to learn more about the different companies.

Factoring company reviews seem hard to come by. I have done some internet research ans was surprised to find that there was no real forum where feedback was shared.

The danger of course is that unhappy clients shout much louder than happy ones and as such the reviews can be very negative and not particularly objective. I also do not really see it as my place to ‘dish the dirt’ or ‘name and shame’ people or companies.

In my experience there is bad feedback about most invoice finance companies but I also understand that there are two sides to very story. Just because an invoice finance company says ‘no’ to a client doesn’t make them a bad provider yet some clients would disagree.

There are in fairness some common complaints that crop up about certain invoice factoring companies. Some are notorious for unsavoury practices relating to failing businesses while others are constantly criticised for lack of communication and failing to return calls. I will not name them but if anyone is looking for a new invoice finance company I would be happy to have a chat.

Equally if readers wish to share their experiences in a constructive manner then please feel free to post.

Would you like to review or provide feedback on your experience of Close Brothers Invoice Finance? Reviews are at the bottom of this page and links to some interesting articles and blogs below.

It is probably fair to say that if you are looking for a provider of invoice finance there are better options out there in terms of pricing, structure of facilities and customer service levels. In terms of reputation there are also better options in our opinion. The reviews however will speak for themselves so please take a look at them and feel free to contribute your own experiences.

Close Brothers Invoice Finance are part of Close Brothers Group Plc and provide invoice finance solutions to over 1,000 clients. They are a national player with full UK coverage. They also offer invoice finance facilities in Ireland and Northern Ireland.

They are one of the larger independent invoice finance companies with offices in Brighton, Manchester, Dublin and Belfast.

In our opinion, more common complaints about Close Brothers Invoice Finance include their lack of flexibility, charges such as minimum base rates, their arrogant approach and some people have described them as ‘unapproachable’.

Complaints below highlight their attitude, the poor quality of their system and the high fees some clients are charged for funding which is often restricted.

Read more:

An independent blog post about Close Brothers putting a business into administration – click here

Article on Close Brothers Invoice Finance pricing – click here

Article regarding a restrictive facility structure – click here

Trustpilot makes for some interesting reading – click here

It also appears there is a blog dedicated to Close Brothers – click here

Close Brothers also feature in an article on complaints about wealth management companies where it states, “Close Brothers also features on the list with 169 complaints, but its complaints are related mostly to banking and credit with none related to investments.” While this is not linked directly to the invoice finance arm of Close Brothers we find it interesting as it gives a feel for the overall organisation and what they might feel is acceptable. For the article – click here

An extract from one Trustpilot review reads, “AVOID AVOID AVOID….

When making a complaint no manager or person of authority bothered to speak to me directly then they say they are just closing my complaint down, when I said I’m not satisfied with the outcome, you don’t expect a large company such as this to just ignore customers, in my opinion this company is slimy and deceptive and lack the ability to treat customers fairly.

I’ll wait for the standard message they send saying they are sorry I feel this way, if they were sorry they would of dealt with my issue when they had the chance.
AVOID AVOID AVOID”

 

If you would like to share your experiences of Close Brothers Invoice Finance please feel free to do so but please try to be objective and refrain from abusive remarks.