Jim Davis appointed managing director for construction finance at Bibby Financial Services

Davis (pictured) said: “Extended payment terms from large contractors continue to hinder growth for subcontracting businesses. Construction finance provides SMEs in the sector the working capital they need to operate in a market where there are few alternative funding options.

“The sector has faced many challenges in recent years, from the collapse of Carillion to continued uncertainty surrounding the UK’s departure from the EU. It’s more important than ever that subcontractors have the support they need to thrive and grow. I’m looking forward to developing BFS’s Construction Finance offering to alleviate some of the pressures these businesses face.”

Bibby Financial Services serves more than 10,000 businesses worldwide and has more than 40 operations in 14 countries spanning Europe, North America and Asia.

Sharon Wiltshire, commercial director at BFS, said: “We’re proud of recognising and retaining the talent we have within our business so we’re delighted to appoint Jim as the managing director for construction finance.”