Industry: Recruitment
Product: IDeal™
Facility size: £175,000
The client
This specialist recruitment firm provides temporary staffing to schools across South Wales. With over 35 years of combined experience, the directors have built a strong reputation for delivering high-quality teaching assistants and supply teachers.
The company is expanding its operations to cover West Wales, aiming to deliver the same exceptional service to a wider network of schools.
The challenge
As with many businesses in the recruitment industry, the company is using invoice finance to support cash flow.
Invoice finance provides up to 90% of outstanding invoice values as soon as they are raised, making it particularly suitable where there is a delay between paying candidates or bills and receiving client payments.
The business felt their existing arrangement would not support their planned expansion, which included a new office. They wanted a more cost-effective funding solution, with more capital available, that simplified the invoice finance facility and reduced administrative efforts for improved efficiency.
A key requirement was making the switch easy, with minimal disruption to the business. A significant advantage Close Brothers offered was access to IDeal - their online invoice finance management platform. It seamlessly integrates with the majority of accounting software, often saving a significant amount of time through automatic reconciliation functionality.
The solution
Close Brothers has provided a £175,000 invoice finance facility, providing the business the financial headroom needed to support its expansion into new regions. The firm felt confident in moving to Close Brothers due to award winning services and the increase in capital needed from their funder.
The result
The increased financial flexibility from switching to Close Brothers has enabled the business to scale operations without compromising on quality.
The IDeal platform helped reduce the administration burden related to month-end reconciliation, which freed up valuable resource to focus on expansion and opening a new office in West Wales and positioned the firm for sustained, long-term growth.
