A finance company in Kent invested £53 million into small and medium-sized businesses across the UK in the first half of the year.

Independent Growth Finance, known as IGF, said the funds were a 180% increase on the previous year.

The cash injections helped its clients boost sales volumes by 87% over the period.

The company, headquartered in Paddock Wood, said the increases come from sales growth and acquisition of new clients.

Of a total 49 new businesses, 12 were given nearly £9 million across the South East.

The IGF team has also grown over the period, with several new hires in the head office and operations centre as well as three more added to the national sales force.

The business, which lends mainly to companies with annual turnover between £100,000 and £100 million, has plans to strengthen the team further over coming months.

Managing director Mark Lindsay said: “The start of the 2017 financial year has undoubtedly been a success for IGF, and is a pattern we want to continue as we move into the second half of the year.

“The growth has come across the whole business with our ABL capabilities contributing significantly to these results.

“Approaching 2018, we are keen to continue hitting our ambitious targets to provide larger facilities to more clients. We will continue to hire top quality people to help us build a strong business.”