Close Finance Ireland, originally established as Close Brothers Commercial Finance, ceased operations in Ireland in November 2017. This marked the end of a period where the company provided asset finance, invoice finance, and other lending solutions to Irish businesses, primarily SMEs.
The decision to exit the Irish market was attributed to a strategic review by Close Brothers Group, the parent company. The review identified areas for improvement and streamlining within the group’s operations. The Irish business, while operating effectively, was deemed to have limited scale and growth potential within the context of the group’s overall strategic direction. This ultimately led to the closure rather than seeking a sale.
Prior to its closure, Close Finance Ireland played a significant role in providing alternative finance options to Irish businesses. In a market often dominated by traditional banks, Close Finance offered tailored financial solutions designed to support growth, investment, and cash flow management. Their asset finance products allowed businesses to acquire essential equipment and machinery without large upfront capital expenditure. Invoice finance helped companies unlock working capital tied up in unpaid invoices, improving their cash flow and enabling them to pursue new opportunities.
The closure had implications for both employees and clients. Staff were made redundant, and the company worked to ensure a smooth transition for its existing clients. Arrangements were made to manage existing loan portfolios and facilitate the transfer of business where possible. While some clients may have experienced disruption, Close Finance aimed to minimize any negative impact during the wind-down process.
The exit of Close Finance from Ireland highlighted the competitive nature of the financial services sector and the strategic considerations that drive corporate decisions. While the Irish economy has recovered significantly since the financial crisis, smaller non-bank lenders face ongoing challenges in competing with larger institutions that often possess greater resources and established market share. The void left by Close Finance has been filled to some extent by other alternative lenders, reflecting the continued demand for diversified funding options within the Irish SME sector. However, the closure serves as a reminder of the evolving landscape of finance in Ireland and the importance of a robust and competitive lending environment.
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