From its base in Liverpool Bibby Financial Services looks to offer funding packages of up to £10m to help small firms around the world buy ships. Tony McDonough reports

Liverpool-based international SME financier, Bibby Financial Services (BFS), is to offer financial support to small firms to enable them to buy ships.

Part of the 200-year old Bibby Line Group, BFS will launch its European marine finance business in 2023. Starting early in the New Year, it will build on its expertise in invoice finance, asset finance and FX to support the purchase of marine assets.

It will finance ships and vessels ranging from £1m to £10m in value. These could include coastal ships, tugs and barges, wind-farm servicing and commuter vessels.

Jonathan Andrew, chief executive of BFS, 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.

“We’re hugely proud to be part of a 215-year old family-owned business. BFS Marine Finance plays to our core strengths as well as our drive to become even more sustainable, as part of our Compass initiative. This supports the offshore wind energy sector and enables growth in low emission logistics.”

READ MORE: Bibby wins new support for net zero vessels

BFS supports almost 9,000 SME customers through its operations in Europe and in Asia. Mr Andrew added: “This is a hugely exciting development, and we are actively recruiting for a variety of specialist roles to be part of the new business, and the wider Bibby Financial Services family.”

Bibby Line Group launched its Compass initiative in 2021, as part of the group’s ambition to reach net zero carbon emissions by 2040 – 10 years ahead of the Government’s own emissions target.