Bibby Financial Services (BFS) is opening a new office in Wales.

The SME funder supports more than 10,000 businesses worldwide and has 18 offices throughout the UK. It is looking to grow its client-base throughout Wales and so has opened a new office at One Caspian Point, Cardiff Bay.

Mike Freebury, who joined the company in 2011, has been appointed as head of sales for the new team, extending the funder’s reach into the business community in Wales.

He said: “We are all very excited about BFS’s strengthened presence in Wales. We have always operated in the country, but having a dedicated office in Cardiff will extend our reach to both the local advisor base and the businesses we support, giving them confidence that we can support them locally.”

Freebury and his team will support businesses with BFS’s funding solutions, including invoice finance, leasing, trade and export finance, FX and specialist finance solutions for the construction and recruitment sectors.

According to BFS’s SME Confidence Tracker report, SMEs in Wales are showing positive signs, despite wider uncertainty surrounding the UK’s place within the EU. 27% of Welsh SMEs expect their sales to increase over the next three months and 34% say they plan to invest in staff over the coming weeks.

Edward Winterton, commercial director at BFS said: “Many Welsh businesses are telling us that they’re looking to invest in staff recruitment and training, despite wider concerns surrounding rising costs and Brexit.

“With our new team in place, we want to react quickly to offer funding support, enabling them to grow. Following Mike’s appointment and the opening of our new office, I have every confidence that we will be able to significantly boost our support for SMEs in Wales.”