Temporary Recruitment Business
Also provide a cash flow forecasting service and due diligence service for acquisition targets.
Our client is a well-known and fairly sizeable recruitment business based in Telford. They already had a factoring facility with a large independent invoice factoring company. However, the facility was restrictive because the existing provider would not increase the overall funding limit any further due to their own funding restrictions.
Obviously being a temporary recruitment business our client was well suited to an invoice finance facility and we had a fair amount of choice both in terms of lenders but also in terms of the type of facility on offer.
In discussing our client’s requirement it became apparent they liked the outsourced credit control service provided with factoring. So we worked with them to ensure that we could obtain the necessary credit limits for their debtors as well as ensuring we could secure a facility large enough to finance their growth plans. We also ensured that there were no other restrictions in place that could reduce the funding generated.
In terms of pricing we were able to secure a new larger facility at a lower rate than they were previously paying for their smaller, badly structured restrictive facility. The new facility has provided our client with a new lease of life. They have not only managed to grow turnover organically by taking on new clients but they have also gone on the acquisition trail buying up other businesses within their sector.
We continue to work with them and not only assist with their finance requirements but we also conduct due diligence on acquisition targets and provide a cash flow forecasting service to them.