Bibby Line Group’s financial arm for small and medium-sized enterprises, Bibby Financial Services (BFS), has announced plans to launch a European marine finance business next year.
BFS said the move will allow the company to expand its financing offers for SMEs, financing ships and vessels ranging from £1m to £10m ($1.1m to $11.3m) in value, including coastal ships, tugs and barges, wind-farm servicing and commuter vessels.
Jonathan Andrew (pictured), CEO of Bibby Financial Services, said: “A key pillar of our BFS 4.0 strategy is expanding our support for SMEs around the world. BFS Marine Finance is a significant development on this journey, enabling us to leverage our shipping heritage as part of the Bibby Line Group, along with our core purpose of helping SMEs to grow and thrive.”
BFS supports nearly 9,000 SME customers through its operations in Europe and in Asia. BFS Marine Finance will launch in the first quarter of 2023 and the company is said to be actively recruiting for a variety of specialist roles to be part of the new business.