Industry: Recruitment
Product: IDeal™ invoice discounting
Facility size: £1.5m
This company was founded in 2017 after seeing a gap in the market for legal firms requiring on-demand assistants from interim paralegals and lawyers. Now supporting hundreds of clients with flexible resourcing for short- and long-term projects, via their digital platform.
Already benefitting from invoice discounting, the company required a more flexible facility with a higher level of service than their existing provider could offer. Prioritising innovation and systems that can improve efficiency meant reaching out to other lenders to explore alternative options.
Impressed by the IDeal system used for real-time funding and automated reconciliation of invoice payments, and dedicated account manager who knows the industry well and is easy to access, they saw Close Brothers as a partner as an excellent fit to support their business.
Invoice discounting is a popular method of releasing funds for the recruitment industry and we are pleased to provide a £1.5 million facility to this forward thinking company. This will free up cash tied up in any unpaid invoices, supplying adequate working capital to maintain consistency of operations and continue to support the growth of their inclusive business model.
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