Sixteen years after launching two companies that merged in 2012 to become Trion Solutions, the business has grown to become one of the top ten largest professional employer organisations (PEOs) in the US. A certified minority owned company, Trion manages payroll and taxes, benefits admin, workers’ compensation and regulatory compliance for more than 500 US companies and their 45,000 employees. Trion Solutions, through its president and co-founder, David L Stone, was a national finalist in the 2019 EY Entrepreneur of the Year Awards. Trion’s technology-rich, best practice client portal allows employers and employees to review and monitor payroll and benefits, providing clarity to internal processes. The advantages of working with Trion include no upfront charges and no long-term commitment. Trion’s administrative fee is a small percentage of overall payroll cost and is billed incrementally through the year, making it easy on cashflow.

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Founded in 1988, Transfinder is a global leader in logistics software and technology. More specifically, the business works with school districts and municipalities to develop routing, scheduling and fleet maintenance solutions for school bus services. Smarter route management is backed by powerful data insights and a host of user friendly features. The result is safe, efficient and cost-effective transportation for school students across the United States, where Transfinder products are used by more than 2,000 school districts and municipalities in 47 states. The company is the industry leader in several of those, including the major markets of New York and Texas. Transfinder employs 140 people across four offices, with headquarters in Schenectady, New York.

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PA NOVA S.A. designs and builds public, commercial and industrial buildings from its headquarters in Gliwice, in the south of Poland. It offers end-to-end project management, taking care of the design, construction and legal aspects of any development, and a more straightforward general contractor service. PA NOVA also owns and manages its own portfolio of commercial and industrial properties, giving the business an insight into the challenges of maintaining large developments. That feeds back into the design and construction of ever more durable, flexible, and cost-effective properties. The business, which has activities in Poland and Germany, posted turnover of EUR 60m (USD 71m) in 2019. It employs 200 people and is publicly listed on the Warsaw Stock Exchange.

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NOVOMATIC Argentina SRL is part of one of Europe’s most successful gaming technology businesses. Founded in Austria in 1980, NOVOMATIC operates around 1,900 gaming facilities worldwide, and is the European market leader in electronic casino operation. It is also Europe’s largest supplier of video lottery terminals. Its commitment to innovation means it does not just manufacture equipment and machines, but also pioneers new gaming experiences. The business has subsidiaries in around 50 countries, a global workforce of over 22,000 and revenues of around EUR 2.6 billion (USD 3 billion). The Austrian parent company owns 90% of NOVOMATIC Argentina SRL.

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Filo SRL

Filo Srl is one of Italy’s super startups, a smart-tech company flourishing in the Internet of Things (IoT) sector. Founded in 2014 by current CEO Giorgio Sadolfo and his like-minded team of visionary entrepreneurs, Filo quickly capitalised on venture seed funding and a place on the highly regarded Luiss Enlabs accelerator programme, based in Rome. Developing and manufacturing Bluetooth-enabled tracking tags, Filo was hailed as one of Italy’s top 100 startups of 2015. To date, Filo has sold over 400,000 tags and has continuously invested in improving and refining the product.

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MKS Cracovia

Founded in 1906, MKS Cracovia is the oldest football team in Poland, and the oldest active sports club in the country. It has had a volatile history, with triumphs in the Polish top division (the Ekstraklasa) at one end of the spectrum, relegation and near bankruptcy at the other. Today, after years in lower leagues the club is re-established in Poland’s top flight, and last year competed in the Europa League for the first time in decades. In 2020 Cracovia won the Polish super cup for the first time in its history. Off the pitch Cracovia’s fortunes are also on the rise. Today it is a subsidiary of Comarch S.A., which is also the club’s sponsor. Cracow-based Comarch is a global software business listed on the Warsaw Stock Exchange.

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Blackstone Motors

Blackstone Motors is a leading automotive dealership in the north east of Ireland with showrooms in Drogheda, Cavan and Dundalk. Representing Renault since the dealership’s earliest days, and subsequently taking on the Dacia, Nissan and Opel brands too, the team has built Blackstone into a multi-award-winning operation in less than 14 years, and now offers showroom facilities, financing, and comprehensive aftersales including vehicle health checks, servicing, maintenance, parts and repair.

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Issue 2021...



This edition includes seven case studies featuring a range of clients across a variety of market sectors: Automotive, construction and real estate, entertainment, human resources services, Internet of Things, logistics management and sport.

Banks worldwide increased lending by 10% to help businesses through the pandemic...




Banks around the world have increased lending by 10% since the start of the Covid-19 pandemic to help businesses survive, reveals a new study by UHY, the international accounting and consultancy network*.


UHY’s study of 24 major economies shows banks increased overall lending to businesses by an additional USD3.3trillion in the last twelve months alone, as governments flood lending markets with money to help businesses through pandemic disruption.


Outstanding lending to businesses across the ten biggest global economies hit a total of USD32.7trillion last year, an increase of USD3.1trillion (10.5%), compared to USD29.6trillion of outstanding loans a year earlier.


Chinese businesses have experienced the largest increase in value of bank lending out of the world’s leading economies. In China alone, outstanding loans to businesses increased by USD1.8trillion (11%), reaching a total of USD16.04trillion last year, up from USD 14.27trillion the year before.  The People’s Bank of China established its small business loans programme in February, offering low-cost funds to commercial banks to lend to businesses.


UHY’s study found that as well as China, other BRIC countries also experienced a particularly large increase in bank lending in the last year – a 12% increase on average. Brazilian banks increased their business lending by 18% (USD46.3billion), topping the table in UHY’s study with the largest percentage increase in lending.


BRIC countries outpaced the G7 (9% growth in lending on average), as countries such as Canada saw a decrease in total lending to businesses through the pandemic (-0.3%). G7 countries added an extra USD1.2trillion to outstanding loans, reaching a total of USD15trillion last year.


The eight major EU economies in UHY’s study are lagging behind other world economies in increasing lending, adding only 5% to outstanding bank lending last year. Outstanding lending stood at USD4.9trillion last year, up from USD4.7trillion in the previous twelve months. Countries including Poland (-3%) and Ireland (-7%) have seen a decrease in the value of outstanding bank credit to businesses compared to pre-Covid.  


Growth in bank lending has been largely driven by Government-backed Covid loan schemes.

The UK’s Covid loan schemes, including Coronavirus Business Interruption and Bounceback loan schemes have already provided USD95billion to struggling businesses. The Economic Injury Disaster Loans and Paycheck Protection programmes in the US have approved over USD719billion in lending to small and large businesses.


In contrast, the Irish government only launched its COVID-19 Credit Guarantee Scheme in September 2020. As a result, unlike the majority of other countries in this study, Ireland saw its total outstanding lending to businesses fall over the Coronavirus period.   


UHY member firm UHY Farrelly Dawe White Limited in Ireland adds that some SMEs in Ireland are relatively averse to taking on debt and therefore the levels of lending, even with this new government scheme, are unlikely to grow as quickly as in some other countries.


UHY says some countries in this study may not have gone far enough to provide Government backed support to businesses.  Pakistan, the Philippines, Russia and Vietnam have stimulated lending but have not gone as far as some other countries in implementing a Government-backed, guaranteed coronavirus loans package for businesses to access.


This lack of a Government guarantee on lending is likely to have constrained commercial banks’ approach to emergency Covid-driven lending. These banks were forced to underwrite loans far more conservatively and slowly as they were taking the full risk of defaults, unlike banks in countries like the UK and US for example.


Whilst these countries have developed other measures, including payment deferrals and tax holidays, a lack of Government guaranteed cash support for businesses affected by Covid-19 could result in higher levels of insolvencies and job losses.


Dennis Petri, Chair of UHY International, says: “Governments worldwide have clearly learnt lessons from the credit crunch and global financial crisis of 2008 and moved phenomenally quickly to roll out large-scale lending packages. These have served as a lifeline for many businesses.”


“The past year has seen some of the biggest spending ever by Governments across the globe. That intervention has allowed commercial banks to get lending into the market at an unprecedented rate to prevent a catastrophic loss of jobs and an even greater economic crisis.”


“The economic impact of the pandemic has lasted longer than anyone expected, with even the strongest economies facing a long uphill journey. As the hopes of a quick recovery fade, Government-backed business loan schemes will need to be extended until restrictions are lifted.”


“The news of a vaccine provides a light of the end of the tunnel. But with many businesses still not able to return to ‘normal’ operating levels, Governments need to provide as much support as possible to ensure businesses stay afloat until then.”


Banks have increased lending to businesses by 10%, adding USD3.3trillion to total outstanding loans in the last twelve months

*Current figures are outstanding loans to businesses at last available date


Notes for Editors

UHY global press contact: Leigh Lyons on +44 20 7767 2624

Email: –

Nick Mattison or Richard Crossan

Mattison Public Relations

+44 20 7645 3631

+44 74 4637 5555