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A Bristol-based financial services company has reported a record-breaking year during which it provided funding of around £2bn to SMEs.

Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it had seen strong growth in its loan book during 2021 to a record high of £280m - up £40m from 2020 - as businesses felt the economic impact of the pandemic and national lockdowns.

Figures released by the company, which is set to mark its 20th year of trading, showed it had delivered its highest ever total funding advances to clients of £1.9bn.

During 2021 it provided new funding of £125m through over 1,300 new facilities, including a record annual performance for new business in asset finance of £46m.

The firm added that it had seen strong client performance across its working capital products, with record levels of invoicing, high client retention and a loan book recovery back to pre-pandemic levels.

Ultimate Finance said last year’s performance, along with £220m of recently announced wholesale funding facilities, had put it in a strong position to support SMEs with their growth plans in 2022.

Josh Levy, chief executive of Ultimate Finance, hailed what he called a “transformational” year for the business.

Mr Levy said: “Our achievements in 2021 have been the output of significant hard work from everyone at Ultimate Finance. This year marks our 20th birthday with over £10bn of funding delivered for SMEs in this time.