Invoice Finance Charges
Analysis - April 2026
Analysis of new invoice finance debentures registered at Companies House for April 2026. The month recorded 448 new IF charges, up 19 versus April 2025 (+4.4%) - a degree of stabilisation after sharp year-on-year declines in February and March. Banks fell to 94 (-22) as the structural decline continued, while eCapital surged to 49 (+24) and Bibby Finance remained the volume leader at 63 (+9).
Spark Intel Research Team
Data analysis and market intelligence
Apr 2026 Total
448
new IF charges
Headline Var.
+4.4%
vs Apr 2025
Cumulative YTD
1,579
-73 vs prior year (-4.4%)
Top Lender
63
Bibby Finance (+9)
Summary
April 2026 recorded 448 new IF charges, up 19 versus April 2025 (+4.4%). This represents a degree of stabilisation following sharp year-on-year declines in February (-37) and March (-73). Prior April totals: 2022 (359), 2023 (366), 2024 (434), 2025 (429). The cumulative year-to-date figure stood at 1,579, down 73 from the prior year (1,652) - a 4.4% deficit. The independents continue to outperform the banks, with Bibby Finance adding Stuart Delivery as one of the month's most notable new accounts and eCapital's volumes lifting following the Optimum SME Finance acquisition.
Banks contracted to 94 (-22), their cumulative deficit now standing at -89 year-on-year. Lloyds Commercial Finance fell to 29 (-8) and Metro Bank fell sharply to 4 (-10). HSBC held flat at 30. The bank cohort's structural decline reflects Lloyds' and HSBC's well-documented withdrawal from the smaller end of the SME market.
Large independents rose to 222 (+25). eCapital Commercial Finance was the standout performer, surging to 49 (+24) - their strongest April on record - with cumulative YTD of 144, a gain of 41 on 2025. Bibby Finance maintained its leading position at 63 (+9). Time Finance grew to 19 (+8). These gains were partially offset by Close Brothers at 33 (-3) and Skipton at 17 (-2).
Mid-tier independents were broadly stable at 77 (-3). Apollo Business Finance grew to 21 (+8) with cumulative YTD of 93 (+38). Sonovate's spike to 22 (+21) in the specialist cohort may reflect an administrative catch-up in charge registrations. Optimum SME Finance recorded zero charges for the second month running, consistent with the eCapital acquisition completing.
Key Insights
- Stabilisation in April (448, +4.4%) - the first month of year-on-year growth in 2026, though cumulative YTD remains 4.4% behind 2025. February (-37) and March (-73) declines continue to weigh on the full-year trajectory.
- eCapital surged to 49 (+24) - the most significant monthly gain of any lender. Their cumulative YTD of 144 is +41 ahead of the prior year, boosted by the Optimum SME Finance acquisition which transferred the existing client base.
- Bibby Finance volume leader at 63 (+9) - cumulative YTD 237, +32 ahead of 2025. Stuart Delivery Ltd (turnover £100.4m) was the month's largest new account by turnover, funded from London.
- Banks at 94 (-22), cumulative deficit -89 - Lloyds at 29 (-8) and Metro Bank at 4 (-10) drove the decline. The bank cohort is now running nearly 22% below the prior year cumulatively, reflecting structural exits from smaller SME lending.
- Sonovate spiked to 22 (+21) - the largest single-month gain in specialist lenders. This is likely an administrative catch-up in charge registrations rather than genuine new market activity.
- Wholesale trade overtook employment as second sector (49 vs 68) - wholesale trade grew +8 to 49 (+20%), while employment activities fell to 68 (-14, -17%). Specialised construction continued its strong run at 48 (+19, +66%).
- Apollo Business Finance strong run continues (21, +8) - cumulative YTD of 93 is +38 ahead of 2025. Apollo dominated mid-tier activity with 95% of new business from companies with no existing IF facility.
- Time Finance well ahead of 2025 (19, +8) - cumulative YTD 59 (+17). Time Finance has delivered consistent year-on-year growth across all four months of 2026.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for April 2026, with prior-year comparisons and cumulative YTD figures.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| RBS Invoice Finance | 20 | 27 | 28 | +1 | 108 | -3 | 32% |
| Lloyds Commercial Finance | 50 | 37 | 29 | -8 | 103 | -61 | 21% |
| HSBC Invoice Finance | 20 | 30 | 30 | - | 83 | -8 | 37% |
| Metro Bank IF | 7 | 14 | 4 | -10 | 12 | -17 | - |
| Investec Capital | 2 | 8 | 3 | -5 | 15 | - | 67% |
| Total - Banks | 99 | 116 | 94 | -22 | 321 | -89 |
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Bibby Finance | 57 | 54 | 63 | +9 | 237 | +32 | 19% |
| eCapital Commercial Finance | 39 | 25 | 49 | +24 | 144 | +41 | - |
| Close Brothers | 27 | 36 | 33 | -3 | 96 | -32 | 39% |
| Skipton Business Finance | 17 | 19 | 17 | -2 | 46 | -31 | 18% |
| Novuna | 18 | 13 | 10 | -3 | 45 | -1 | 40% |
| Time Finance | 11 | 11 | 19 | +8 | 59 | +17 | 26% |
| Ultimate Finance | 14 | 15 | 11 | -4 | 36 | -14 | 45% |
| Cynergy Business Finance | 8 | 7 | 15 | +8 | 30 | +5 | 13% |
| IGF | 5 | 6 | 1 | -5 | 7 | -10 | 100% |
| Praetura | 3 | 4 | 1 | -3 | 9 | +1 | 100% |
| Secure Trust Bank | - | 3 | - | -3 | 4 | -8 | - |
| Leumi ABL | 1 | 3 | - | -3 | 4 | -11 | - |
| Pulse Cashflow Finance | - | 1 | 3 | +2 | 13 | +10 | - |
| FGI Finance | - | - | - | - | - | - | - |
| Total - Large Independents | 200 | 197 | 222 | +25 | 730 | -1 |
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Apollo Business Finance | 14 | 13 | 21 | +8 | 93 | +38 | 5% |
| Team Factors | 18 | 8 | 15 | +7 | 60 | +14 | - |
| Optimum SME Finance | 11 | 10 | - | -10 | 9 | -41 | - |
| 4SYTE | 2 | 19 | 8 | -11 | 49 | +7 | 50% |
| Paragon Business Finance | 6 | 7 | 10 | +3 | 25 | +4 | 20% |
| Simplicity Finance | 2 | 3 | 1 | -2 | 2 | -6 | - |
| Sallyport Commercial Finance | - | 1 | 6 | +5 | 17 | +7 | 33% |
| Shire Invoice Finance | 2 | - | 6 | +6 | 27 | +21 | - |
| Castlebridge Finance | 1 | 4 | 2 | -2 | 10 | - | - |
| Wedo Finance | 4 | 7 | 3 | -4 | 16 | +7 | 33% |
| Peak Cashflow | 5 | 3 | 2 | -1 | 8 | -9 | 50% |
| Regency Factors | - | 1 | - | -1 | - | -3 | - |
| TP24 | 4 | 1 | - | -1 | - | -6 | - |
| Partnership Invoice Finance | 1 | - | 2 | +2 | 6 | +1 | 50% |
| GRENKE | 1 | 2 | 1 | -1 | 9 | -2 | 100% |
| FI Capital | 1 | 1 | - | -1 | 1 | -4 | - |
| Total - Mid-tier | 72 | 80 | 77 | -3 | 332 | +28 |
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Quba Solutions | 12 | 9 | 9 | - | 46 | -8 | 11% |
| Sonovate | 5 | 1 | 22 | +21 | 51 | +36 | 18% |
| Zodeq | 19 | 9 | 7 | -2 | 22 | -34 | 14% |
| Liquid Link | 1 | 3 | 3 | - | 15 | -7 | 67% |
| Giant Finance | - | - | 2 | +2 | 8 | +2 | 50% |
| Total - Specialists | 37 | 22 | 43 | +21 | 142 | -11 |
Sector Analysis
New IF charges by sector for April 2026 versus April 2025. Specialised construction and wholesale trade led growth; employment activities remained the largest sector despite a decline.
| Sector | Apr 2025 | Apr 2026 | Var. | % Var. |
|---|---|---|---|---|
| Employment activities | 82 | 68 | -14 | -17% |
| Wholesale trade | 41 | 49 | +8 | +20% |
| Specialised construction activities | 29 | 48 | +19 | +66% |
| Transportation and storage | 32 | 35 | +3 | +9% |
| Office admin and business support | 17 | 21 | +4 | +24% |
| Services to buildings and landscape | 2 | 16 | +14 | >+100% |
| Manufacture of fabricated metal products | 20 | 16 | -4 | -20% |
| Manufacture of food products | 6 | 12 | +6 | +100% |
| Technology - programming / software | 11 | 11 | - | - |
| Retail trade | 10 | 11 | +1 | +10% |
| Other personal service activities | 7 | 10 | +3 | +43% |
| Human health activities | 6 | 7 | +1 | +17% |
| Other professional, scientific and technical | 7 | 6 | -1 | -14% |
| Warehousing and transport support | 3 | 6 | +3 | +100% |
| Printing and associated activities | 2 | 6 | +4 | >+100% |
| Manufacture of rubber and plastic products | 5 | 5 | - | - |
| Construction of buildings | 6 | 4 | -2 | -33% |
| Waste collection and disposal | 6 | 4 | -2 | -33% |
| Security and investigation activities | 7 | 4 | -3 | -43% |
| Wholesale and retail trade | 5 | 2 | -3 | -60% |
Regional Analysis
Top 5 lenders by new IF charges in each Spark sales region for April 2026.
01. North East
- Bibby Finance2
- Skipton Business Finance2
- Sallyport Commercial Finance2
- Ultimate Finance1
- Metro Bank IF1
02. North West
- Bibby Finance6
- RBS Invoice Finance5
- Time Finance5
- Apollo Business Finance4
- eCapital Commercial Finance3
03. Yorkshire / Humber
- Bibby Finance8
- Apollo Business Finance4
- Lloyds Commercial Finance4
- Close Brothers3
- Cynergy Business Finance3
04. Midlands
- eCapital Commercial Finance14
- Close Brothers8
- Bibby Finance7
- Lloyds Commercial Finance6
- RBS Invoice Finance5
05. East Midlands
- eCapital Commercial Finance4
- RBS Invoice Finance4
- HSBC Invoice Finance3
- Bibby Finance3
- Cynergy Business Finance3
06. East of England
- HSBC Invoice Finance4
- Close Brothers4
- Apollo Business Finance4
- eCapital Commercial Finance4
- Bibby Finance3
07. South East
- Bibby Finance17
- eCapital Commercial Finance10
- Team Factors5
- Lloyds Commercial Finance5
- Close Brothers5
08. South West
- HSBC Invoice Finance5
- Skipton Business Finance3
- Bibby Finance3
- Paragon Business Finance3
- Novuna2
09. London
- Bibby Finance12
- Sonovate10
- eCapital Commercial Finance7
- Lloyds Commercial Finance5
- RBS Invoice Finance4
10. Wales
- Time Finance5
- Apollo Business Finance3
- Ultimate Finance2
- Cynergy Business Finance1
- RBS Invoice Finance1
11. Scotland
- RBS Invoice Finance2
- Close Brothers2
- Bibby Finance2
- 4SYTE2
- HSBC Invoice Finance1
12. Northern Ireland
- Close Brothers2
- Team Factors1
Notable New Charges
Significant new borrowers by turnover scale - businesses which appear to represent substantial new IF relationships funded in April 2026.
Stuart Delivery Ltd
Company No: 09790251 | Last filing: Dec-2023
Turnover
£100.4m
Trade Debtors
£23.0m
Net Assets
£26.7m
Est PBT
£24.4m
Staff: 206 (-7.6%) | Warehousing and support activities for transportation
USPS Group Limited
Company No: 11580124 | Last filing: Dec-2024
Turnover
£117.2m
Trade Debtors
£23.0m
Net Assets
£15.5m
Est PBT
-£1.6m
Staff: 107 (+98.1%) | Employment activities
Andigital Limited
Company No: 08761455 | Last filing: Dec-2024
Turnover
£134.9m
Trade Debtors
£22.2m
Net Assets
-£28.3m
Est PBT
-£1.9m
Staff: 1,343 (-19.0%) | Computer programming, consultancy and related activities
Health Care Resourcing Group Limited
Company No: 06357982 | Last filing: Mar-2025
Turnover
£102.9m
Trade Debtors
£12.2m
Net Assets
£30.5m
Est PBT
£8.1m
Staff: 238 (+33.7%) | Employment activities
John F Hunt Power Group Limited
Company No: 11073996 | Last filing: Mar-2025
Turnover
£57.9m
Trade Debtors
£9.3m
Net Assets
£24.1m
Est PBT
£821k
Staff: 147 (+14.8%)
DT Global Trading Ltd
Company No: 10280960 | Last filing: Feb-2025
Turnover
£39.5m
Trade Debtors
£7.2m
Net Assets
£1.4m
Est PBT
£1.6m
Staff: 96 (+68.4%) | Wholesale trade
Triton Security & Facilities Management Limited
Company No: 04628386 | Last filing: Dec-2024
Turnover
£40.5m
Trade Debtors
£7.0m
Net Assets
£1.2m
Est PBT
£7.1m
Staff: 223 (+6.7%) | Security and investigation activities
Refactoring Activity
Refactoring - where a new IF charge follows the discharge of an existing facility - was active in April 2026, with a total of approximately 80 refactor moves across all lenders. Key observations:
- Close Brothers was the most active inbound refactoring destination with 13 inbound moves, gaining clients from multiple lenders including HSBC, RBS, and others - consistent with their mid-market positioning.
- Bibby Finance received 9 refactors (inbound), gaining from Lloyds (2), eCapital (2), RBS (2), and others - maintaining strong competitive draw across the market.
- eCapital received 8 refactors with the Optimum SME Finance client base transfer effectively functioning as a bulk refactoring event - the refactor % is shown as N/A due to the acquisition structure.
- HSBC Invoice Finance received 10 refactors inbound despite overall volume pressure - suggesting their large-ticket focus continues to attract higher-quality deal flow from the market.
Refactor proportions by lender (for the month): IGF 100%, Praetura 100%, GRENKE 100%, Investec Capital 67%, Liquid Link 67%, Peak Cashflow 50%, Partnership IF 50%, 4SYTE 50%, Giant Finance 50%. Banks: RBS 32%, HSBC 37%, Lloyds 21%. Large independents: Close Brothers 39%, Ultimate Finance 45%, Novuna 40%.
Methodology
This report analyses new invoice finance charges registered at Companies House and included in the dataset to 8 May 2026.
- IF Charges are identified where the charge-holder name or the nature of the charge is consistent with an invoice finance facility. This analysis covers lenders where a sufficiently strong pattern can be identified - certain high-street banks (Barclays, Santander etc.) are excluded where identification is not reliable.
- Regions are Spark sales regions, allocated by AI based on HMRC or Companies House registered address.
- Refactor rates are based on specific IF charge successions - where a new IF charge follows discharge of an existing facility within a defined window, or where an existing bank charge remains open at the time of the new IF charge.
- Group charges (where a single charge covers multiple group companies) are counted as one charge for the purposes of this analysis.
- Contains public sector information licensed under the Open Government Licence v3.0.
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