Improved facility secured for recruitment specialist
Change Hospitality specialises in providing temporary and permanent recruitment solutions to the hospitality sector, with a significant focus on temporary placements.
The challenge
Like many recruiters, Change Hospitality recognised the benefits of Invoice Finance and had been using an Invoice Discounting facility to smooth the cash flow gap created by funding temporary staff placements whilst waiting for payment from clients. The Managing Director contacted Hilton-Baird Financial Solutions when the business encountered several challenges with its existing funding provider, predominantly due to reduced service levels and low funding percentages, and a mandatory credit insurance policy being put in place, when most hospitality businesses would not be covered by such a policy.
The solution
After approaching Hilton-Baird’s team via the website, the MD explained that he would like a more responsive solution for their business, offering a higher level of service and support. The team took the time to thoroughly understand Change Hospitality’s business and, with their extensive market knowledge, quickly identified suitable alternative providers.
Our client selected to go with the chosen new funder as, in addition to offering the responsive service his business sought, they were also able to provide a flexible, yet competitive Confidential Invoice Discounting facility suited to Change Hospitality’s needs. The new funder understood the business and that the ledger was well spread, negating any requirement for the bad debt protection the previous funder had insisted upon.
The result
The new facility has helped to stabilise cash flow and Change Hospitality are benefiting from the streamlined and efficient service from the new funder, enabling them to focus on their core business, expanding and exploring new opportunities for future development. The Managing Director of Change Hospitality comments:
“Hilton-Baird Financial Solutions provided us with exceptional support during a challenging time. Their expertise and industry knowledge helped us secure the right funding solution, in a timely and efficient manner, enabling me to concentrate on taking the business forward. The new funder has been a breath of fresh air, in that their approach and delivery of service is much more aligned to our business’s needs and it’s great to feel that we have the right support in place.”
To explore the options available to your business, or to compare any existing facilities against the wider market, contact our team on 0800 9774833 or request a call back.
