Newport-based HH Cashflow Finance has reported a strong first six months with a strong growth forecast, new staff recruitment and a new office.

HH Cashflow Finance Limited, established at the beginning of this year at Langstone Business Park on the east side of Newport, by Richard Pepler, is reporting that it has provided much-needed lending in excess of £3m in its first six months to SMEs based in Wales and the South West of England.

The company is now expanding as a result and has signed a ten-year lease on a new office located near parent company Henry Howard Finance Group. The 4,000sq ft office is being fitted out to accommodate the growing staff team.

With current staff numbers at 10, chief executive Richard Pepler is looking to recruit a further 50 staff over the next three years.

The business is currently looking for a further ten staff to join by the end of 2015. Roles currently available include credit controllers, credit managers, cash allocators, data managers and accounting roles.

Richard Pepler said: “It’s been a very busy first six months and we have far exceeded our initial targets.

"SMEs are in need of access to fast, efficient, cost effective funding solutions and are looking to businesses like us instead of slow and bureaucratic banks.

“We support a wide range of businesses in any sector with turnovers of anywhere between £100,000 to £6m. We have proven that working with us can be cost effective and free up valuable administrative resources for SMEs. For example the UK average payment time on invoices is 70 to 80 days. Our current rate is just 44 days.

“Lending by our industry, as an alternative to bank lending sources such as loans or overdrafts, is increasing by £1bn per year – the cash flow finance sector is now lending more to UK SMEs than banks do on overdrafts.”

Mr Pepler said to begin with the company was focussing mainly on the SME sector in South Wales before venturing into England to tackle the market there.