Former Small Business Commissioner joins Optimum as Non-Executive Director

Optimum Finance has announced that it has recruited the former Interim Small Business Commissioner (SBC) as a Non-Executive Director.

Philip King, who was also the former Chief Executive of the Chartered Institute of Credit Management (CICM), is joining Optimum.

King has worked in the credit industry for more than 40 years and is an acknowledged expert in the world of credit and cashflow management. Throughout his career he has enjoyed senior roles within Olivetti and Vodafone. He is the author of the Managing Cashflow Guides series – including a Guide dedicated to alternative finance – and created the Prompt Payment Code at the behest of Peter Mandelson, the Secretary of State at the former Department of Business, Innovation and Skills.

King said “For smaller businesses to grow, they will need access to future funding, and this is where Invoice Finance has a vital role to play.”

“But there is also a much bigger conversation to be started that shifts that narrative from ‘late’ payment to ‘early’ payment and demonstrating the value of not just paying on time but ahead of time in such a way that both parties are better off.

“Smaller businesses can offer larger suppliers preferential terms for early settlement and in turn not only get access to their cash more quickly, but also reduce the cost and time spent ‘chasing’ invoices. Greater visibility over when they are getting paid ultimately supports a better run, more profitable business.”

Anthony Persse, Chief Executive of Optimum Finance, said “Philip’s expertise is second to none, as a champion for small businesses and having written extensively on the benefits of Invoice Finance to support cashflow and business growth.”

“Invoice Finance is a product that can help literally millions of UK businesses and we, as an industry. are not serving anywhere near as many as we could. With Philip’s help, we hope once and for all to reverse the stigma surrounding Invoice Finance, starting a new conversation about the benefits and simplicity of releasing cash tied up in unpaid invoices. Together we will develop new tools and services that address the issue of late payment from a more positive, helpful and productive perspective that benefits all businesses, small and large.”