A North West business services group has gained a foothold in the Australian market after making a seven-figure investment in a Brisbane-based invoice and trade finance company.
WeDo Business Services, which is headquartered in Oldham, has taken a significant stake in Invoice Finance Group (IFG).
IFG had been seeking an investment partner to add funding capability and new business finance products.
At the same time, WeDo was looking to establish itself Down Under.
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Sign up to our weekly professional services newsletter Following us on Linkedin Find us on TwitterWeDo directors Mark Lindsay and Chris Robinson engaged Wayne Smith, a former senior executive at Sydney-based business finance company ScotPac, to help with this phase of their growth plan.
Wayne was able to bring both parties together and helped to structure the deal. He has become chairman of IFG following the investment, and will work with its founders and directors Paul and Angela Tonges on its expansion strategy.
Mark, group chief executive of WeDo, said: “Our invoice finance business has been built on a simple model of delivering solutions in a transparent and value-added way, working with clients to ensure they get more than they expect.
“It was refreshing to see that IFG shares a similar approach which is very client-centric.
“The independent finance market in Australia is not as competitive as it is in the UK, and therefore we feel there is scope for IFG to expand significantly and develop additional service lines, much like our UK business has done in recent years. We are extremely excited by the opportunities and growth potential for IFG.”
WeDo provides a range of services to small and medium-sized companies. In addition to invoice and trade finance and start-up funding, it provides HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.
Mark and Chris founded the business in 2019 with just four staff and the company has grown rapidly through organic expansion and acquisitions. The group now employs almost 100 people across its network of offices, including sites in Colchester, Swindon, Sheffield and MediaCityUK in Salford.
IFG set up in 2011 specialising in invoice finance to businesses across Australia.
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