The Italian SGR Clessidra enters the factoring market. After starting,
during 2019, of the Clessidra Restructuring Fund for the management of Unlikely To Pay credits of the banking sector, the company has now launched Clessidra Factoring, a new company specializing in financing of working capital to companies with restructuring plans in progress and small and medium-sized enterprises with good industrial prospects but with difficulty in accessing bank credit due to non-optimal size aspects and/or with low or no ratings. Towards these companies Clessidra will therefore use the factoring tool to mitigate credit risk.
“Clessidra – explains a note – stands as an ally of the banking system and the territories by offering an additional tool to progressively reduce the weight of problem loans. To face this new challenge, Clessidra Factoring makes use of a team of highly specialized professionals with strong credit, restructuring and legal skills who will strengthen the organizational and operational structure of the recent acquisition of CoEFI (Compagnia Europea Factoring Industriale), an intermediary authorized to register in the Single Register of financial intermediaries held by the Bank of Italy and is active in the corporate financing sector, based in Veneto”.
The new business area will be led by Federico Ghizzoni, who will hold the office of Chairman, and by Gabriele Piccini who will assume the role of Chief Executive Officer. The industrial plan of Clessidra Factoring envisages a significant development of the business and aims to bring the turnover from the current 50 million euros to 750 million in 2024, with an intermediation margin of approximately 20 million.
“With this initiative – he comments Mario Fera, CEO of Clessidra – we are further expanding our financial services platform, taking over a market in which we see great potential development. The activity of Clessidra Factoring is part of our desire to support small and medium-sized Italian businesses, in this case those companies with no or low ratings that have difficulty accessing bank credit, but which represent a decisive component of the Italian industrial system".
“Especially in a delicate phase like the current one – he adds Gabriele Piccini, CEO of Clessidra Factoring – our activity can be of help in supporting companies and supply chains undergoing restructuring or in procedure, going to support the banking system in this important mission. We have defined a solid and ambitious industrial plan which aims to place the company at the top of this sector".
