Facility size: £3m
With over a century of experience, this specialist recruitment firm had historically been self-funded. However, following a period of significant growth, they required additional funds to cover day to day running costs, whilst enabling continued expansion.
After securing an equipment lease with Close Brothers Asset Finance, the business also decided that a working capital facility would be beneficial. They discussed the options with our experts and decided than an invoice discounting solution would best suit their needs.
Invoice discounting is a particularly popular method of releasing funds for the recruitment industry, as it makes it easier to pay workers on time. By releasing the value of unpaid customer invoices as soon as they are raised, companies can access the working capital they need quickly and efficiently.
At Close Brothers Invoice Finance, we also have an appetite for supporting acquisitions and MBOs. This was key to the senior decision makers involved to partner with us as they were confident that they would have a longer-term understanding and support. Invoice discounting facilities increase with company turnover, and our client managers are able to quickly adapt and understand both the typical and changing needs of the recruitment sector.
The business also decided to use our online invoice discounting system, IDeal. This gives them access to their account 24/7, and reconciles invoices automatically, allowing them to save time and reduce errors.
It continues to support day-to-day operations and is providing the headroom needed to fulfil future ambitions.