Reading-headquartered lender Aldermore is consulting on plans to scale back its invoice finance business, which could lead to redundancies. The firm is discussing proposals to shrink its invoice finance division and reduce the number of customers it serves.
Aldermore is looking to remove clients with less than a £1m financing line, which would cut its customer base from roughly 500 to around 100. There are also plans not to renew the remaining client base, allowing for a "slow market exit."
A source close to the firm confirmed that some roles within the invoice finance business line may be at risk of redundancy as part of the consultation, though the number of affected roles is not yet known. An offshoring campaign in the division is also being considered.
Aldermore's parent company, South African lender Firstrand, put the firm up for sale earlier this year. This followed Aldermore booking a £51.2m profit for the year ending June 2026, a 74% decrease from the previous period, and setting aside £187.7m for a potential motor finance redress scheme.
A spokesperson for Aldermore stated that a strategic review is underway to ensure products meet customer needs and align with long-term strategic priorities. They added that the review is in progress and will be completed imminently, with the bank working closely with impacted colleagues, customers, and intermediaries.