Credit: Bibby Financial Services, Marine Finance Division

The British Business Bank (BBB) has agreed to a new structured finance facility of up to £20 million with BFS Marine Finance, aimed at increasing lending to smaller businesses in the UK commercial marine sector.

The funding line will enable BFS Marine Finance to offer secured finance for the purchase or refurbishment of marine assets. Eligible vessels include coastal ships operating in UK and European waters, workboats, windfarm service craft, survey vessels, charter boats and passenger ferries.

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The initiative is designed to support marine businesses in acquiring newer vessels to expand or modernise their fleets. The upgrades are expected to contribute to improved energy efficiency and support the transition to more sustainable propulsion technologies such as hybrid and battery-powered systems.

Jonathan Marriott, Senior Director at the British Business Bank, said the deal aims to address the traditionally limited availability of finance in the sector. “Marine finance is a sector with strong growth potential in the UK. Historically, the sector has had a high barrier to entry and a limited number of lenders servicing the market. We hope this transaction will allow BFS Marine Finance to support more businesses and help drive availability and competition in the process.”

BFS Marine Finance is part of Bibby Financial Services, a subsidiary of the Bibby Line Group, one of the UK’s oldest family-owned firms with roots in shipping and financial services.

Paul Ratcliffe, Managing Director of BFS Marine Finance, said the deal would allow the business to expand its support for marine operators. “We are delighted to work with the British Business Bank and look forward to helping businesses acquire vessels to expand or upgrade existing fleets in 2025 and beyond.”

Bibby Financial Services Treasurer Andy Stalmanis added: “This transaction will undoubtedly enable us to help UK marine sector businesses grow and thrive, and we look forward to continuing to build a strong relationship with the British Business Bank.”