20th May 2024 12:00
(Alliance News) - TruFin PLC on Monday said its subsidiary and early payments programme provider Oxygen Finance has secured early payment contracts with Kent County Council and Central Bedfordshire Council.
TruFin, the London-based holding company of three growth-focused technology businesses operating in early payment provision, invoice finance, and mobile games publishing, said the deal increases its list of early payment public sector clients to 59.
It noted that Kent County Council is England's largest local authority by population and has an annual procurement spend of GBP1.5 billion, while Central Bedfordshire spends GBP420 million per year.
The wins continue a successful run, TruFin said, after Oxygen ended 2023 signing new contracts with Cheshire West and Chester Council and Herefordshire Council.
Oxygen has also renewed contracts with Aberdeenshire Council, Sheffield City Council, Wakefield Council and Warrington Borough Council.
"Early payment boosts cash flow for suppliers, supporting regional economies by fuelling growth and job creation. Oxygen's programmes improve efficiency and provide vital savings for clients, helping to protect crucial frontline services," TruFin said.
More than 20,000 suppliers now benefit from Oxygen's early payment programmes, TruFin added.
Oxygen Finance Chief Executive Officer Ben Jackson commented: "As public bodies strive to make savings, our early payment programmes offer a valuable means to reduce costs and protect services, whilst providing much-needed cash flow for suppliers who face high interest rates and reduced borrowing. We look forward to working in partnership with our new clients and continuing to provide additional revenue for our existing local authorities."
Peter Oakford, deputy leader and cabinet member for finance, corporate and traded services at Kent County Council, commented: "We value our suppliers, and we recognise how important cashflow is to businesses. This programme will accelerate invoice payments to suppliers, driving growth across our region, and generate savings for the Council. We look forward to launching this project with the team at Oxygen Finance and providing much-needed support to suppliers."
Shares in TruFin were up 3.8% to 83.04 pence each in London on Monday noon.
By Greg Rosenvinge, Alliance News senior reporter
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