Finance expert Andy Tait was a founding director of Bibby Financial Services in Scotland in 1999.

He set up a Scottish division of US-based Sallyport Commercial Finance in February last year after identifying a gap in the market to provide invoice finance facilities to small and medium-sized enterprises.

The Glasgow-based offshoot funded £22 million of client invoices in its first year of operation and expects to growth its team further over the course of this year.

What is your business called?

Sallyport Commercial Finance

Where is it based?

Our head office is in Glasgow, and our parent company / investors are based in USA with a subsidiary in Canada.

What does it produce/do?

We are an invoice finance provider, so we bridge the cashflow gap from the point when businesses send invoices to their customers but have yet to receive payment for them. We advance up to 90% against such invoices to our clients. It is easy to forget that profit does not equal cash and the reason most businesses fail is due to cashflow shortfalls. Invoice finance is a great tool for supporting cashflow and helping businesses to grow.

To whom does it sell?

We help SMEs (small and medium-sized enterprises) with facilities of up to £1 million. Any business offering credit terms to other businesses can benefit from invoice finance.

What is its turnover?

We launched in February 2023 and funded £22m of client invoices in our first 12 months.

How many employees?

We launched with five employees and now have 11. We expect to have circa 15 employees by the end of our second year and will continue to grow from there. We have a strong service ethos and we offer interesting and exciting opportunities for our people to develop their careers whilst learning about what makes SMEs tick.

Why did you take the plunge?

I recognised a gap in the market in Scotland for a service-focused provider of invoice finance targeting the SME market with sub-£10m turnover. Many of the providers of this type of finance are heavily focused on improving efficiencies and enhancing technology. This has led to a lack of focus on what SMEs fundamentally need, which at a basic level is being able to pick up the phone and speak to knowledgeable finance professionals who will take the time to understand their business and help them.

What were you doing before?

I spent 20 years in the business finance sector and was a founding director of Bibby Financial Services in Scotland. I have served as a director on a number of boards and more recently I led an MBO (management buyout) of a business in the funeral sector which had a focus on eco-funerals.

What do you least enjoy?

I become frustrated by unnecessary bureaucracy and the committee approach to decision making which is common in larger corporations. I also struggle with egotistical people and have seen poor business decisions being made when egos get in the way.

What are your ambitions for the firm?

I am very excited for the future. In March 2024 we employed a business development manager in the north-east of England and I hope to expand the reach of Sallyport throughout the UK whilst maintaining our core focus on the Scotland SME community.

What single thing would most help?

There is a lot of economic and political uncertainty at present which has led to investment and growth decisions being delayed. A period of stability is needed to improve business confidence.

What is the most valuable lesson you have learned?

Work with people who genuinely share my values and don’t waste time with those who don’t.

Where do you find yourself most at ease?

At work, spending time with like-minded people working towards the same goal. At home, relaxing with friends and family, and supporting our kids with their various activities.

If you weren’t in your current role, what job would you most fancy?

If I had possessed the talent, I would have loved to be a professional golfer.

What phrase or quotation has inspired you the most?

Richard Branson said: “If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later!” I have always adopted this approach and it has led me to have a very interesting and varied career.

What is the best book you have ever read? Why is it the best?

Sapiens: A Brief History of Humankind by Yuval Noah Harari. It’s a fascinating book to explain where we have come from and where we might be going. It was written in 2011 and seems pretty prophetic now when considering the development of artificial intelligence since then.

What has been your most challenging moment in life or business?

During the early days of Covid, the family-facing teams in the funeral business faced an enormous increase in demand for which we were not prepared. It put huge pressure on the whole business. Several of the team ended up in intensive care with Covid and some could not return to work. Despite the huge challenges, I will always remember the selfless devotion of the team to help bereaved families at the most difficult time in their lives, which was hugely inspiring.

What do you now know that you wish you had known when starting out in your career?

I wish I had realised that the ideal time to take risks is early in life when there is much less to lose. It is much harder to start new ventures or make brave career decisions once adult responsibilities kick in.