Tender

PROVISION OF FIRST RESPONSE FINANCE LTD FINANCIAL MANAGEMENT SYSTEM

FIRST RESPONSE FINANCE

This public procurement record has 2 releases in its history.

TenderAmendment

12 Feb 2025 at 16:32

Tender Notice
Tender

07 Feb 2025 at 15:29

Tender Notice
Summary of the contracting process

First Response Finance is seeking proposals for the provision of a cutting-edge financial management system to support their vehicle finance operations for non-prime customers. Based in Nottingham, they are looking to modernise their accounting system, which has not been updated in over 20 years, to manage their growing volume of transactions and data. The procurement falls under the category of "Financial analysis and accounting software package" with a tender ID of IT-89-150-INT-FRF01. The open procedure tender is being conducted below the threshold, and the deadline for submissions is set for 14 March 2025. The awarded contract will start on 1 July 2025 and conclude on 30 June 2030, covering multiple delivery locations including the United Kingdom, Europe, and the British Overseas Territories.

This tender presents a significant growth opportunity for businesses specialising in SaaS financial solutions. The ideal candidates are those with a robust, scalable product capable of handling high transaction volumes and integrating seamlessly with proprietary accounting systems like IFRS9. Businesses adept at developing comprehensive financial management systems that enhance efficiency and offer detailed transaction-level reporting will find this contract particularly advantageous. This opportunity is less suited for SMEs and VCSEs due to the scale and complexity required. Engaging with First Response Finance on this project can facilitate long-term business relationships and exposure in the financial services industry.

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Notice Information

Notice Title

PROVISION OF FIRST RESPONSE FINANCE LTD FINANCIAL MANAGEMENT SYSTEM

Notice Description

Here at First Response Finance our purpose is to provide great credit solutions through service excellence and continual improvement for non-prime customers. We are an FCA registered finance company who specialise in providing vehicle finance for non -prime customers via independent motor dealers. The underlying principle upon which our company is built is that it "starts with People", because by obtaining, training and retaining good people with the right attitudes, values and ethics, with learned skills and competency we will more readily be able to attract, service and retain our customers. This is shown through us winning several awards including but not limited to: - Outstanding Workplace Award - Firm of the Year - Best Car Finance Provider - 3 star Best Companies - Feefo's Gold Trusted Service Award. At our company, we pride ourselves on investing in our people resulting in low staff turnover and an average tenure of 10 years across 320 employees. Our values underpin our behaviours and mindset which are to be open and honest, be customer driven, be a team player and have a winning attitude. This strong foundation has fuelled our growth over the past two decades. In 2023, we ambitiously set a goal to double our volumes over the next five years while maintaining a similar headcount, and we're proud to be on track with revenue up nearly 60% in just three years. As we continue on this growth trajectory, we're committed to modernising our processes, including our accounting system, a core component that hasn't been updated in over 20 years. We're seeking a cutting-edge SaaS solution to revolutionise our procedures by enabling transaction-level detail and a quantum leap in efficiency. Currently, our portfolio includes over 120,000 agreements. At month-end, each agreement generates a comprehensive list of journal entries, ranging from earned income and bad debt provisions to commissions and other related costs. These are calculated by our proprietary IFRS9 system, and we would expect the journals to flow from this system into the new financial management system seamlessly. Additionally, during each monthly period we process numerous weekly, fortnightly and monthly cash transactions from our diverse customer base (i.e. many agreements receive multiple payments each month). As a result, revolutionising bank reconciliations is a key objective in this process. As well as the portfolio transactions, we also process typically 150 AP invoices each month and 50-100 employee expenses. To support our ambitious growth, we need a robust, scalable system capable of managing high volumes of data without compromising on detail or performance. We're excited to partner with a forward-thinking SaaS provider who can deliver innovative solutions that align with our dynamic needs. Additional information: https://in-tendhost.co.uk/intendsharedservices/ Is a Recurrent Procurement Type? : No

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-594a59f5-9a67-437c-b80e-49d0f03d1821
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/5b10ad9a-335f-4584-ad67-d32d2909cfb9
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

CPV Codes

48440000 - Financial analysis and accounting software package

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
12 Feb 20251 years ago
Submission Deadline
14 Mar 2025Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
1 Jul 2025 - 30 Jun 2030 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
FIRST RESPONSE FINANCE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NOTTINGHAM
Postcode
NG9 6RZ
Post Town
Nottingham
Country
England
Major Region (ITL 1)
TLF East Midlands (England)
Basic Region (ITL 2)
TLF1 Derbyshire and Nottinghamshire
Small Region (ITL 3)
TLF16 South Nottinghamshire
Delivery Location
Not specified
Local Authority
Broxtowe
Electoral Ward
Toton & Chilwell Meadows
Westminster Constituency
Broxtowe

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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