THE parent company of invoice finance specialist Ultimate Finance is to have a new identity.
Renovo Group plc is changing its name to Inspired Capital.
In a statement to the London Stock Exchange covering the six month period to June 30, Renovo revealed its client numbers were up by 24.7% to 1,085 and total loans and other receivables increased by 27.6% to £48.6m, when compared to the same period in 2013. Strong growth has been seen in its tailored offerings for construction, trade and retail finance. These represent the company's first steps in diversifying its range of SME lending products.
As at June 30, Renovo had provided £9m of funding into its SME finance subsidiaries.