Invoice Finance Charges
Analysis - July 2026
Analysis of new invoice finance debentures registered at Companies House for July 2026. The month recorded 379 new IF charges, down 74 (-16.3%) vs July 2025, reversing June's positive momentum. Cumulative YTD 2026 stands at 2,759, down 183 (-6.2%) on the prior year. Large independents fell sharply to 172 (-52), led by Close Brothers (-15), Novuna (-14), and Bibby Finance (-11). Specialists were near-absent at 22 (-24), with Sonovate (0), Liquid Link (0), and Zodeq (1) all but disappearing from the month's figures. Bibby Finance led all lenders at 56 and mid-tier held up relatively well at 91 (-3), with Apollo Business Finance (+1) and 4SYTE (+10) providing support.
Simon Carter, CCO
Invoice Finance Intelligence
July 2026 Total
379
new IF charges
Headline Var.
-16.3%
vs July 2025
Cumulative YTD
2,759
-183 vs prior year (-6.2%)
Top Lender
56
Bibby Finance (-11)
Summary
July 2026 recorded 379 new IF charges, down 74 versus July 2025 (-16.3%) — a sharp reversal from June's +9.5% gain. Prior July totals: 2022 (427), 2023 (401), 2024 (455), 2025 (453). The cumulative year-to-date figure stood at 2,759, down 183 from the prior year (2,942) — a 6.2% headline deficit. This remains flattered for 2025 by book-transfer effects, though the underlying gap has widened since June's adjusted +3.7%.
Banks were broadly flat at 79 (-2 vs July 2025), masking divergence within the cohort. RBS Invoice Finance grew to 27 (+2) and Lloyds Commercial Finance surged to 28 (+7), while HSBC Invoice Finance fell to 20 (-11). Cumulative bank YTD stands at 548, down 103 versus the prior year.
Large independents fell sharply to 172 (-52 vs July 2025). Close Brothers posted the steepest decline to 23 (-15) as its cumulative YTD deficit deepened to -52. Novuna dropped to 8 (-14). Bibby Finance remained the month's largest single lender at 56 despite falling 11, extending its cumulative YTD lead to 406 (+7 ahead of 2025). eCapital Commercial Finance held relatively steady at 34 (-3), cumulative YTD now 274 (+61).
Mid-tier independents held up at 91 (-3 vs July 2025). Apollo Business Finance led the cohort at 23 (+1), with its cumulative YTD reaching 154 (+38). 4SYTE rose to 16 (+10), continuing its 2026 run of elevated cohort-related activity (cumulative YTD 110, +28). Team Factors posted 17 (+3), and Shire Invoice Finance reached 7 (+4). Optimum SME Finance recorded zero for a third consecutive month. Specialists collapsed to 22 (-24) — the weakest specialist month of the 2026 series. Sonovate (0, -8), Liquid Link (0, -6), and Zodeq (1, -12) were all but absent, leaving only Quba Solutions (16, flat) and Giant Finance (5, +2) contributing meaningfully.
Key Insights
- Sharp fall to 379 (-16.3%), worst July since 2023 — reverses June's positive momentum. Cumulative YTD deficit widens to -183 (-6.2%), the deepest year-to-date gap of 2026 so far.
- Large independents drove the decline: -52 to 172 — Close Brothers (-15), Novuna (-14), Bibby Finance (-11), Ultimate Finance (-5), and Cynergy (-2) all fell. Only Praetura (+2), Pulse (+2), and Secure Trust Bank (+2) bucked the trend.
- Specialists near-absent at 22 (-24) — Sonovate (0), Liquid Link (0), and Zodeq (1) recorded virtually no new charges. Quba Solutions held at 16 (flat) and Giant Finance edged up to 5 (+2). Cumulative specialist YTD down to 210 (-47).
- Mid-tier provided relative resilience (-3) — Apollo Business Finance (23, +1), 4SYTE (16, +10), and Shire Invoice Finance (7, +4) offset falls elsewhere. Mid-tier cumulative YTD is now 607 (+34), the only cohort running ahead of 2025.
- HSBC Invoice Finance fell to 20 (-11) — cumulative YTD 134, down 29 versus the prior year. The bank's multi-year structural decline continues.
- Lloyds Commercial Finance rebounded to 28 (+7) — a notable exception in an otherwise weak month, though cumulative YTD remains at 179, down 60 versus 2025.
- Transportation sector collapsed: 20 charges (-23, -53%) — the steepest sector fall of the month, after July 2025 had seen 43 charges.
- Human health activities surged to 11 (+10) — the biggest positive sector move in July 2026, consistent with a multi-month trend of health-sector IF adoption.
- Wholesale trade grew to 40 (+7, +21%) — one of the few reliably positive sectors in 2026, with notable charges in the sector including Alliance Wine Company and MTS Cleansing Group.
Lender Analysis
Detailed breakdown of IF charge registrations by lender category for July 2026, with prior-year comparisons and cumulative YTD figures.
Banks
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. |
|---|---|---|---|---|---|---|
| RBS Invoice Finance | 26 | 25 | 27 | +2 | 193 | +8 |
| Lloyds Commercial Finance | 60 | 21 | 28 | +7 | 179 | -60 |
| HSBC Invoice Finance | 23 | 31 | 20 | -11 | 134 | -29 |
| Metro Bank IF | 12 | 3 | 3 | - | 23 | -17 |
| Investec Capital | 3 | 1 | 1 | - | 19 | -5 |
| Total - Banks | 124 | 81 | 79 | -2 | 548 | -103 |
Large Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. |
|---|---|---|---|---|---|---|
| Bibby Finance | 53 | 67 | 56 | -11 | 406 | +7 |
| eCapital Commercial Finance | 34 | 37 | 34 | -3 | 274 | +61 |
| Close Brothers | 46 | 38 | 23 | -15 | 175 | -52 |
| Skipton Business Finance | 15 | 9 | 5 | -4 | 71 | -47 |
| Novuna | 13 | 22 | 8 | -14 | 76 | -10 |
| Time Finance | 5 | 11 | 10 | -1 | 91 | +12 |
| Ultimate Finance | 6 | 16 | 11 | -5 | 76 | -15 |
| Cynergy Business Finance | 9 | 10 | 8 | -2 | 50 | +1 |
| IGF | 4 | 4 | 3 | -1 | 25 | -2 |
| Praetura | 2 | 4 | 6 | +2 | 19 | +3 |
| Secure Trust Bank | 3 | 1 | 3 | +2 | 10 | -6 |
| Leumi ABL | 3 | 4 | 2 | -2 | 11 | -12 |
| Pulse Cashflow Finance | 1 | 1 | 3 | +2 | 18 | -1 |
| FGI Finance | 1 | - | - | - | - | -1 |
| Total - Large Independents | 194 | 224 | 172 | -52 | 1,302 | -61 |
Mid-tier Independents
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. |
|---|---|---|---|---|---|---|
| Apollo Business Finance | 10 | 22 | 23 | +1 | 154 | +38 |
| Team Factors | 16 | 14 | 17 | +3 | 107 | +18 |
| 4SYTE | 7 | 6 | 16 | +10 | 110 | +28 |
| Paragon Business Finance | 3 | 9 | 9 | - | 45 | -2 |
| Shire Invoice Finance | 1 | 3 | 7 | +4 | 41 | +29 |
| Wedo Finance | 8 | 4 | 5 | +1 | 39 | +20 |
| Sallyport Commercial Finance | - | 7 | 3 | -4 | 35 | +16 |
| Castlebridge Finance | 5 | 2 | 1 | -1 | 15 | -1 |
| GRENKE | 2 | 3 | 4 | +1 | 14 | -8 |
| Partnership Invoice Finance | 1 | 3 | 2 | -1 | 11 | +2 |
| Peak Cashflow | 4 | 2 | 3 | +1 | 16 | -8 |
| FI Capital | 3 | 1 | 1 | - | 3 | -3 |
| Simplicity Finance | 5 | 2 | - | -2 | 8 | -5 |
| Optimum SME Finance | 12 | 15 | - | -15 | 9 | -77 |
| Regency Factors | 1 | 1 | - | - | - | -6 |
| TP24 | 2 | - | - | - | - | -7 |
| Total - Mid-tier | 80 | 94 | 91 | -3 | 607 | +34 |
Specialists
| Lender | 2024 | 2025 | 2026 | Var. | YTD 2026 | YTD Var. |
|---|---|---|---|---|---|---|
| Quba Solutions | 14 | 16 | 16 | - | 83 | -3 |
| Sonovate | 7 | 8 | - | -8 | 58 | +30 |
| Zodeq | 16 | 13 | 1 | -12 | 33 | -59 |
| Liquid Link | 4 | 6 | - | -6 | 19 | -14 |
| Giant Finance | 1 | 3 | 5 | +2 | 17 | -1 |
| Total - Specialists | 42 | 46 | 22 | -24 | 210 | -47 |
Sector Analysis
New IF charges by sector for July 2026 versus July 2025. Transportation posted the steepest fall; human health activities and wholesale trade were the standout growers.
| Sector | July 2025 | July 2026 | Var. | % Var. |
|---|---|---|---|---|
| Employment activities | 73 | 64 | -9 | -12% |
| Wholesale trade | 33 | 40 | +7 | +21% |
| Specialised construction activities | 48 | 40 | -8 | -17% |
| Transportation | 43 | 20 | -23 | -53% |
| Office admin and business support | 24 | 22 | -2 | -8% |
| Services to buildings and landscape activities | 10 | 8 | -2 | -20% |
| Manufacture of fabricated metal products | 12 | 12 | - | - |
| Retail trade | 11 | 7 | -4 | -36% |
| Manufacture of food products | 5 | 8 | +3 | +60% |
| Other personal service activities | 10 | 7 | -3 | -30% |
| Technology - programming, software etc | 15 | 10 | -5 | -33% |
| Human health activities | 1 | 11 | +10 | >+100% |
| Printing and associated activities | 8 | 5 | -3 | -38% |
| Other professional, scientific and technical activities | 3 | 5 | +2 | +67% |
| Warehousing and support activities for transportation | 8 | 6 | -2 | -25% |
| Manufacture of rubber and plastic products | 6 | 7 | +1 | +17% |
| Construction of buildings | 5 | 5 | - | - |
| Waste collection, treatment and disposal activities | 4 | 4 | - | - |
Regional Analysis
Top 5 lenders by new IF charges in each Spark sales region for July 2026.
01. North East
- Lloyds Commercial Finance3
- Kriya2
- RBS Invoice Finance1
- Time Finance1
- Sallyport Commercial Finance1
02. North West
- Bibby Finance6
- RBS Invoice Finance6
- Praetura4
- Apollo Business Finance4
- HSBC Invoice Finance4
03. Yorkshire / Humber
- Bibby Finance7
- eCapital Commercial Finance3
- Apollo Business Finance2
- Team Factors2
- Lloyds Commercial Finance2
04. Midlands
- Bibby Finance10
- eCapital Commercial Finance4
- Apollo Business Finance4
- Team Factors3
- Quba Solutions3
05. East Midlands
- Bibby Finance3
- RBS Invoice Finance2
- Arbuthnot Latham & Co1
- Paragon Business Finance1
- Partnership Invoice Finance1
06. East of England
- HSBC Invoice Finance5
- Bibby Finance3
- eCapital Commercial Finance3
- Cynergy Business Finance2
- Lloyds Commercial Finance2
07. South East
- Bibby Finance14
- eCapital Commercial Finance9
- Apollo Business Finance7
- Close Brothers6
- Lloyds Commercial Finance6
08. South West
- Bibby Finance3
- eCapital Commercial Finance3
- Team Factors2
- Quba Solutions2
- Time Finance2
09. London
- RBS Invoice Finance6
- Lloyds Commercial Finance6
- Team Factors5
- HSBC Invoice Finance4
- Bibby Finance4
10. Wales
- eCapital Commercial Finance2
- RBS Invoice Finance2
- Time Finance2
- Bibby Finance1
- Novuna1
11. Scotland
- Close Brothers5
- Bibby Finance4
- Paragon Business Finance3
- eCapital Commercial Finance3
- RBS Invoice Finance2
12. Northern Ireland
- Wedo Finance1
- Upstream Working Capital1
- Close Brothers1
- GRENKE1
Notable New Charges
Significant new borrowers by turnover scale — businesses which appear to represent substantial new IF relationships funded in July 2026.
ProService Building Services Marketplace Plc
Company No: 09378067 | Last filing: Mar-2025
Turnover
£379.0m
Trade Debtors
£61.2m
Net Assets
£49.6m
Est PBT
-£130.3m
Staff: 1,858 (-4.3%) | Repair and installation of machinery and equipment
MTS Cleansing Group Limited
Company No: 13687157 | Last filing: Apr-2025
Turnover
£115.0m
Trade Debtors
£24.1m
Net Assets
£16.6m
Est PBT
-£5.7m
Staff: 510 (+2.2%) | Wholesale trade
Expert Group Holdings Limited
Company No: 15257920 | Last filing: Dec-2024
Turnover
£83.8m
Trade Debtors
£25.1m
Net Assets
-£1.4m
Est PBT
-£3.5m
Staff: 271 (+6.7%) | Manufacture of machinery and equipment
Emplas Window Systems Limited
Company No: 01882731 | Last filing: Apr-2025
Turnover
£61.5m
Trade Debtors
£5.7m
Net Assets
£12.3m
Est PBT
£3.3m
Staff: 421 (+11.7%) | Manufacture of rubber and plastic products
James Cropper Speciality Papers Limited
Company No: 04690555 | Last filing: Mar-2025
Turnover
£53.4m
Trade Debtors
£6.1m
Net Assets
-£33.5m
Est PBT
-£9.9m
Staff: 295 (-8.4%) | Manufacture of paper and paper products
Buoyant Upholstery Limited
Company No: 03690496 | Last filing: Sep-2025
Turnover
£49.3m
Trade Debtors
£8.9m
Net Assets
£20.0m
Est PBT
£2.8m
Staff: 451 (-10.0%) | Manufacture of furniture
SMI Int Group Limited
Company No: 07644080 | Last filing: Dec-2024
Turnover
£34.5m
Trade Debtors
£4.7m
Net Assets
£10.6m
Est PBT
£3.4m
Staff: 176 (-4.9%) | Office administrative, office support and other business support
Alliance Wine Company Limited
Company No: SC090255 | Last filing: May-2025
Turnover
£40.8m
Trade Debtors
£6.7m
Net Assets
£3.4m
Est PBT
£1.2m
Staff: 90 (+11.1%) | Wholesale trade
Serious Sweet Holdings Limited
Company No: 11359927 | Last filing: Jun-2025
Turnover
£20.8m
Trade Debtors
£3.9m
Net Assets
-£480k
Est PBT
-£1.3m
Staff: 170 (-0.6%) | Manufacture of food products
A.S.M. Property Developments (UK) Ltd
Company No: 04437948 | Last filing: Apr-2025
Turnover
n/d
Trade Debtors
n/d
Net Assets
£8.1m
Est PBT
-£64k
Staff: 0 (-100%) | Real estate activities
Methodology & Caveats
This report analyses new invoice finance charges registered at Companies House during July 2026. Data is sourced from public Companies House filings and includes charges submitted to 6 August 2026.
Charge identification
- IF charges are identified where the charge-holder name is directly identifiable as an invoice finance provider, or where the name combined with the charge description matches typical IF patterns.
- Some lenders (e.g. Barclays, Santander) cannot be reliably matched to IF and are excluded.
- Where a group of companies holds a single charge, it counts as one charge in this analysis.
- Phoenix companies are not treated as refactors.
Refactoring
- Refactor rates are based on specific IF charges. Bank charges (non-IF-specific versions of HSBC, Lloyds Bank, NatWest, Barclays Bank, RBS, Aldermore, Santander, Metro Bank) are included only where satisfied within 100 days of the new IF charge or left open.
- No existing IF/Bank means there is neither a specific IF charge nor a generic bank charge outstanding at the point of new charge registration.
Regions
Spark sales regions are allocated by AI based on either HMRC or Companies House registered address.
Contains public sector information licensed under the Open Government Licence v3.0. Analysis © Spark Finance Group Plc. Strictly confidential — intellectual property of Spark Finance Group Plc.