Invoice Finance Charges
Analysis – February 2026
Analysis of new invoice finance debentures registered at Companies House for February 2026. The month recorded 372 new IF charges, a decline of -37 versus February 2025 (−9.0%) — the lowest February figure in the last four years. Specialists fell sharply (−25), while mid-tier independents continued to grow (+7).
Feb 2026 Total
372
new IF charges
Headline Var.
−9.0%
vs Feb 2025
Cumulative YTD
743
−19 vs prior year
Top Sector
52
employment activities
Summary
February 2026 recorded 372 new IF charges, a decline of −37 versus February 2025 (−9.0%). This was the lowest February total in the last four years — prior February totals: 2022 (374), 2023 (420), 2024 (411), 2025 (409). The cumulative year-to-date figure stood at 743, down 19 from the prior year (762).
The decline was concentrated in two segments. Banks fell to 72 (−17), continuing the pattern seen in January, with Lloyds (−11) and HSBC (−5) driving the shortfall. Specialists contracted sharply to 24 (−25), with Zodeq (−10), Liquid Link (−7), and Quba solutions (−6) all significantly lower than February 2025.
In contrast, large independents held steady at 169 (+1), with Bibby Finance posting a strong month of 61 charges (+9). Mid-tier independents grew to 91 (+7), led by Apollo (+9 to 28), Shire Invoice Finance (+8 to 9), and Wedo Finance (+6 to 6).
Specialised construction was the standout sector, surging to 50 charges (+19, +61%) — the highest for any February on record. Employment activities declined to 52 (−17, −25%), while transportation fell back to 20 (−17, −46%) after its strong January.
Key Insights
- Weakest February since 2022 — 372 charges represents a 9.0% decline versus February 2025, pulling the cumulative YTD to 743 (−19 vs prior year).
- Banks continued to contract (72, −17) — Lloyds fell from 40 to 29 (−11), HSBC from 21 to 16 (−5). The cumulative bank deficit now stands at −38 year-on-year.
- Specialists collapsed to 24 (−25) — Sonovate cooled from 25 in January to just 3, while Zodeq dropped from 18 to 8 (−10). This was the weakest specialist month in the dataset.
- Bibby posted the strongest single month — 61 charges (+9), maintaining their position as the market's volume leader. Cumulative YTD: 108 (+17 vs prior year).
- Specialised construction surged +61% — jumping from 31 to 50 charges, the highest February on record. Wholesale trade also recovered (+36%), while employment (−25%) and transportation (−46%) fell sharply.
- Shire Invoice Finance emerged as a growth story — rising from 1 to 9 charges (+8), with 89% of new business coming from companies with no existing IF/bank facility.
- Bibby dominated refactoring outflows — losing 12 clients to competitors, overtaking Lloyds (10) as the largest refactoring source for the month.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for February 2026, with prior-year comparisons and cumulative YTD figures.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| RBS Invoice Finance | 32 | 21 | 21 | – | 51 | +6 | 19% |
| Lloyds Commercial Finance | 34 | 40 | 29 | -11 | 54 | -33 | 21% |
| HSBC Invoice Finance | 20 | 21 | 16 | -5 | 35 | -9 | 25% |
| Metro Bank IF | 4 | 3 | 2 | -1 | 5 | -3 | 100% |
| Investec Capital | – | 4 | 4 | – | 5 | +1 | 75% |
| Total – Banks | 90 | 89 | 72 | -17 | 150 | -38 |
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Bibby Finance | 45 | 52 | 61 | +9 | 108 | +17 | 16% |
| eCapital Commercial Finance | 44 | 33 | 28 | -5 | 54 | +3 | 18% |
| Time Finance | 4 | 7 | 14 | +7 | 20 | -3 | 50% |
| Novuna | 14 | 8 | 13 | +5 | 28 | +10 | 8% |
| Close Brothers | 23 | 26 | 13 | -13 | 40 | -15 | 23% |
| Skipton Business Finance | 17 | 20 | 11 | -9 | 20 | -11 | 36% |
| Ultimate Finance | 12 | 7 | 8 | +1 | 13 | -7 | 13% |
| Cynergy Business Finance | 8 | 7 | 6 | -1 | 10 | -3 | 17% |
| IGF | 6 | 1 | 5 | +4 | 6 | +1 | – |
| Secure Trust Bank | – | 2 | 4 | +2 | 4 | +2 | – |
| Praetura | 4 | 1 | 3 | +2 | 5 | +2 | – |
| Leumi ABL | 5 | 2 | 2 | – | 3 | -2 | – |
| Pulse Cashflow Finance | – | 2 | 1 | -1 | 10 | +8 | – |
| FGI Finance | – | – | – | – | – | – | – |
| Total – Large Independents | 182 | 168 | 169 | +1 | 321 | +2 |
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Apollo Business Finance | 14 | 19 | 28 | +9 | 51 | +24 | 11% |
| Team Factors | 18 | 14 | 15 | +1 | 30 | +7 | 13% |
| Shire Invoice Finance | 3 | 1 | 9 | +8 | 12 | +8 | 11% |
| 4SYTE | 8 | 8 | 8 | – | 26 | +13 | 38% |
| Wedo Finance | 8 | – | 6 | +6 | 9 | +7 | 17% |
| Castlebridge Finance | 3 | 2 | 5 | +3 | 7 | +2 | – |
| Paragon Business Finance | 2 | 3 | 4 | +1 | 10 | +1 | 25% |
| Sallyport Commercial Finance | 2 | 5 | 4 | -1 | 8 | +1 | 50% |
| Peak Cashflow | 1 | 4 | 4 | – | 4 | -4 | 50% |
| Optimum SME Finance | 10 | 15 | 2 | -13 | 9 | -18 | 50% |
| Partnership Invoice Finance | 2 | 3 | 2 | -1 | 3 | -1 | 100% |
| GRENKE | 2 | 4 | 2 | -2 | 2 | -2 | – |
| Simplicity Finance | 1 | 2 | 1 | -1 | 1 | -2 | 100% |
| FI Capital | 1 | 2 | 1 | -1 | 1 | -1 | – |
| Regency Factors | 1 | – | – | – | – | -1 | – |
| TP24 | 3 | 2 | – | -2 | – | -3 | – |
| Total – Mid-tier Independents | 79 | 84 | 91 | +7 | 173 | +31 |
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. | Refactor % |
|---|---|---|---|---|---|---|---|
| Quba solutions | 13 | 15 | 9 | -6 | 22 | -9 | 11% |
| Zodeq | 10 | 18 | 8 | -10 | 10 | -20 | 13% |
| Sonovate | 17 | 6 | 3 | -3 | 28 | +19 | 67% |
| Liquid Link | – | 9 | 2 | -7 | 8 | -3 | 50% |
| Giant Finance | 3 | 1 | 2 | +1 | 6 | +1 | – |
| Total – Specialists | 43 | 49 | 24 | -25 | 74 | -12 |
Sector Analysis
Breakdown of new IF charges by sector for February 2026, showing year-on-year changes in activity.
| Sector | 2022 | 2023 | 2024 | 2025 | 2026 | Var. | % Change |
|---|---|---|---|---|---|---|---|
| Employment activities | 67 | 51 | 75 | 69 | 52 | -17 | -25% |
| Specialised construction | 26 | 35 | 38 | 31 | 50 | +19 | +61% |
| Wholesale trade | 40 | 39 | 34 | 25 | 34 | +9 | +36% |
| Transportation | 20 | 31 | 25 | 37 | 20 | -17 | -46% |
| Retail trade | 7 | 12 | 9 | 10 | 11 | +1 | +10% |
| Office admin & business support | 19 | 37 | 18 | 13 | 10 | -3 | -23% |
| Fabricated metal products | 8 | 10 | 13 | 17 | 10 | -7 | -41% |
| Services to buildings & landscape | 7 | 11 | 7 | 9 | 10 | +1 | +11% |
| Other professional & scientific | 6 | 5 | 5 | 10 | 8 | -2 | -20% |
| Wholesale & retail trade | 7 | 4 | 4 | 7 | 8 | +1 | +14% |
| Other personal services | 7 | 14 | 10 | 13 | 7 | -6 | -46% |
| Human health activities | 8 | 5 | 6 | 8 | 7 | -1 | -13% |
| Waste collection & recycling | – | 1 | 4 | 2 | 7 | +5 | +250% |
| Manufacture of food products | 5 | 4 | 5 | 6 | 7 | +1 | +17% |
| Construction of buildings | 8 | 2 | 6 | 8 | 5 | -3 | -38% |
| Technology & software | 13 | 12 | 12 | 9 | 5 | -4 | -44% |
| Security & investigation | 1 | 4 | 7 | 6 | 5 | -1 | -17% |
| Printing & associated | 2 | 12 | 3 | 3 | 4 | +1 | +33% |
| Warehousing & transport support | 2 | 9 | 7 | 5 | 2 | -3 | -60% |
| Rubber & plastic products | 3 | 8 | 2 | 7 | 1 | -6 | -86% |
Regional Overview
Top lenders by region for February 2026, based on new IF charge registrations.
01. North East
- 1. Lloyds Commercial Finance – 2
- 2. eCapital Commercial Finance – 2
- 3. Zodeq – 1
- 4. Quba solutions – 1
- 5. RBS Invoice Finance – 1
02. North West
- 1. eCapital Commercial Finance – 6
- 2. Bibby Finance – 5
- 3. RBS Invoice Finance – 4
- 4. Skipton Business Finance – 4
- 5. Lloyds Commercial Finance – 3
03. Yorkshire & Humber
- 1. Bibby Finance – 6
- 2. RBS Invoice Finance – 3
- 3. Lloyds Commercial Finance – 3
- 4. eCapital Commercial Finance – 2
- 5. Novuna – 1
04. Midlands
- 1. Apollo Business Finance – 5
- 2. eCapital Commercial Finance – 4
- 3. Lloyds Commercial Finance – 3
- 4. Bibby Finance – 3
- 5. HSBC Invoice Finance – 2
05. East Midlands
- 1. Arbuthnot Latham & Co – 2
- 2. Team Factors – 2
- 3. Bibby Finance – 2
- 4. Apollo Business Finance – 1
- 5. Time Finance – 1
06. East of England
- 1. Bibby Finance – 8
- 2. Lloyds Commercial Finance – 4
- 3. Team Factors – 2
- 4. eCapital Commercial Finance – 2
- 5. Ultimate Finance – 2
07. South East
- 1. Bibby Finance – 9
- 2. Apollo Business Finance – 8
- 3. Lloyds Commercial Finance – 6
- 4. HSBC Invoice Finance – 6
- 5. Novuna – 5
08. South West
- 1. Team Factors – 3
- 2. Close Brothers – 2
- 3. Apollo Business Finance – 2
- 4. Ultimate Finance – 1
- 5. Bibby Finance – 1
09. London
- 1. Bibby Finance – 8
- 2. RBS Invoice Finance – 4
- 3. Apollo Business Finance – 4
- 4. Secure Trust Bank – 4
- 5. Wedo Finance – 3
10. Wales
- 1. Bibby Finance – 3
- 2. Team Factors – 2
- 3. Quba solutions – 1
- 4. Apollo Business Finance – 1
- 5. Ultimate Finance – 1
11. Scotland
- 1. Close Brothers – 4
- 2. HSBC Invoice Finance – 2
- 3. Bibby Finance – 2
- 4. IGF – 2
- 5. Sallyport Commercial Finance – 1
12. Northern Ireland
- 1. RBS Invoice Finance – 1
- 2. GRENKE – 1
Refactoring Channels
Where borrowers moved when switching lender in February 2026.
62 facilities changed hands in February 2026. In a shift from January (where Lloyds dominated outflows with 28), Bibby Finance was the largest refactoring source in February, losing 12 clients to other providers. Lloyds remained a significant source with 10 outflows.
Bibby Finance was also the top recipient, absorbing 9 facilities — a net loss of 3. Time Finance won 4 new refactored clients, while RBS, Skipton, eCapital, and Lloyds each received 4 as well. The pattern suggests active churn at the top of the market, with major lenders both winning and losing business simultaneously.
Top Refactoring Recipients – February 2026
| New Provider | Total In | Largest Source |
|---|---|---|
| Bibby Finance | 9 | Various |
| eCapital Commercial Finance | 5 | Lloyds (2) |
| Time Finance | 4 | Various |
| RBS Invoice Finance | 4 | Various |
| Skipton Business Finance | 4 | Various |
| Lloyds Commercial Finance | 4 | Various |
| 4SYTE | 3 | Various |
| Apollo Business Finance | 3 | Various |
| Investec Capital | 3 | Various |
| HSBC Invoice Finance | 3 | Lloyds (2) |
Top Refactoring Sources – February 2026
| Old Provider | Total Out | Largest Destination |
|---|---|---|
| Bibby Finance | 12 | Various |
| Lloyds Commercial Finance | 10 | Various |
| RBS Invoice Finance | 5 | Various |
| Apollo Business Finance | 4 | Various |
| Close Brothers | 3 | Various |
| eCapital Commercial Finance | 3 | Various |
| Optimum SME Finance | 3 | Various |
| Zodeq | 3 | Various |
Notable New Charges
Borrowers which appear to be significant businesses based on disclosed financials.
| Lender | Region | Borrower | Turnover | Trade Debtors | |
|---|---|---|---|---|---|
| Rabobank | Scotland | Cefetra Limited | £1,091.3m | £68.0m | Wholesale trade |
| HSBC Invoice Finance | Scotland | Brewdog Plc | £280.2m | £48.0m | Manufacture of beverages |
| RBS Invoice Finance | London | Aspens-Services Limited | £159.0m | £16.9m | Food & beverage services |
| Skipton Business Finance | North West | EFS Investments Limited | £84.3m | £14.3m | Land transport |
| Praetura | South East | Ovenden Papers Limited | £45.8m | £11.2m | Wholesale trade |
Access the Full Report
Want the complete analysis including bespoke data cuts, additional lender-level detail, or historical trend data? Get in touch with the Spark team.
Contact the Spark TeamMethodology
This analysis uses AI-driven classification to identify invoice finance charges registered at Companies House. Charges are matched based on the charge-holder name or a combination of the name and the nature of the charge description.
For some lenders (e.g. Barclays, Santander), it is not feasible to produce a strong enough pattern to reliably match charges to invoice finance. Where a group of companies has a charge, this is counted as one event. Multiple charges registered by the same company within the reporting period are not counted separately. Refactors are based on IF charges where a previous IF charge was satisfied within 100 days of the new charge or was left open.
Region allocation is based on Spark sales regions, assigned by AI using either HMRC or Companies House registered address data. Includes charges submitted to Companies House by 6 March 2026.
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