H&C News meets with suppliers regularly to keep up to date with the latest product and service innovations, aiming to get the inside track on what companies offer to the market and how it is delivered.
This week, we met with Neil Fillbrook, Managing Director of Bank Brokers at their offices in Guildford to gain a better understanding of the business.
Bank Brokers first launched its unique benchmarking and renegotiation services in Stockholm in 2008. Since then, the business has helped over 1,500 companies to reduce their bank charges.
So, where did it all begin?
The proposition is the brainchild of Per Bjorgas (former CEO of Dixons International). Per and his son Caspar (an experienced corporate banker) wanted to create more transparency in the banking industry, and given Per’s experience in the retail sector, Bank Brokers originally offered its consultancy services to retailers who were finding that banks’ pricing was too opaque and margins were unreasonably large.
Companies had no easy way of benchmarking their prices and often lacked the in-house banking expertise/resource to renegotiate their charges effectively. Even if a company launched a global banking tender process, they still had no idea if the outcome represented good value (e.g. what if the winning bank was routinely charging the client’s peer group 25% less for the same services, does that tender outcome represent fair market value?).
Tenders are also notoriously time-consuming, complex, disruptive and are still open to over-charging.
So, Bank Brokers was formed in Sweden to make it easier for companies to benchmark and reduce their banking costs, and the team has since grown to 50 of the most experienced bankers and analysts, from over 40 banks, with experience of working in 30 different countries around the world and now operate through 5 offices across Europe (Denmark, Netherlands, Norway, Sweden and UK) helping companies in every sector.
The proposition is simple: Bank Brokers reviews its clients’ current banking arrangements, including transactional banking charges, merchant services fees, foreign exchange margins and interest rates and then negotiates a better deal with the client’s existing providers, delivering immediate bottom-line improvements.
The process is straightforward:
Bank Brokers first understands the company’s current banking arrangements – that creates the starting point.
Their Analysts then benchmark the company’s products, services, transactions (volumes and values) and current prices against its extensive database to assess if the client is receiving fair market value overall, and to identify if there are any aspects of over-charging.
This produces a precise, Board-ready benchmarking report. The report and its recommendations forms the primary discussion document with the client to agree next steps and priority cost lines to address.
The team then renegotiate improved terms for and/or with the client and their existing providers.
So, the client typically stays with their current providers on better terms. The cost savings are then realised by the client on an ongoing basis and Bank Brokers is rewarded by sharing the year 1 savings only.
Hospitality & Catering Sector
Bank Brokers has worked in partnership with a range of companies in the hospitality and catering sector including…Rick Stein’s Seafood Restaurants, Company of Cooks, Grange Hotels, Celtic Manor Resort, Spudulike, Coffee1 and Vale Resort. A common area of focus for clients in hospitality and catering is merchant fees where we often deliver significant savings quickly.
Merchant Services is often seen as a commodity product by our clients (as opposed to their main banking relationship) and most FDs like the quick win nature this type of project brings.
Typically, they can deliver bottom-line savings within one month for limited effort from the client (they just need access to their current pricing and transaction data).
We work collaboratively with all our clients as explained by in the video testimonial from Carl Stockden, Finance Director, Celtic Manor Resort below:
Carl Stockden, Finance Director, Celtic Manor Resort said:
We made substantial savings on our merchant fees, which I’m very, very happy with. Bank Brokers did an amazing job for Celtic Manor and I’d highly recommend their services.”
Wider Client Feedback
Bank Brokers team of professionals provides its clients with excellent value for money and a world class benchmarking and renegotiation service. We are easy to do business with, flexible and attentive. Please see what our customers say about us:
Where is the business going?
The Bank Brokers Executive Management Team is always exploring new markets to operate in and has already approved several new country launches, including the USA, where it already serves some large companies.
H&C NEWS Comment:
“Meeting Neil and learning how the Bank Brokers proposition works, ‘works’ being the key term here, was one of those eye-opening moments. It’s simple, incurs no upfront cost, and sharing the savings realised is the way they earn their fees. We look forward to publishing case studies like the many they already have from household names in hospitality and catering.”
020 71600075, email@example.com
Connect to UK MD via Linkedin
Bank Brokers UK Ltd, Priory House, Sydenham Road, Guilford, Surrey. GU1 3RX
If you prefer for H&C News to forward your details direct to Bank Brokers MD Neil Fillbrook, just complete the form below and we will then put Neil directly in touch with you.