New facility supports recruitment business in their COVID-19 recovery
Hilton-Baird Financial Solutions has helped a recruitment company secure a more suitable invoice finance facility to support their recovery from the COVID-19 pandemic.
With the cost of their prior facility beginning to feel uncomfortable – largely due to a downturn in sales and several bad debts as a result of the pandemic – our client decided to assess whether there were more suitable options available to them.
Given Hilton-Baird’s knowledge and expertise in the asset based finance sector, they engaged us to introduce appropriate options for them to consider.
The result is that they secured a new non-recourse factoring facility that’s more competitive than their previous one – with a funder which has more experience in their sector.
Finding the best fit
Trading since 2012, our client specialises in temporary recruitment within the logistics, warehousing, industrial and construction sectors.
They began experiencing challenges after the onset of the COVID-19 pandemic, and with their prior facility increasing in price, they felt it was important to review their options to see if there were more suitable facilities available to them.
Invoice finance has been a useful and important tool in helping them to keep cash flowing, with 90% of the value of invoices advanced within 24 hours by their prior funder. They were naturally keen to retain the benefits they enjoyed and the protection available to them through the non-recourse element, which further safeguards the business against the risk of debtor insolvency.
Having remained in contact with our team for a number of years, we were pleased to be their first port of call when they needed our expertise and to have the opportunity to once again support them by matching their requirements with funders that were able to deliver the facility they required at a more competitive price and, most importantly, the right level of service and support.
With their new facility in place, our client is now experiencing growth and recovery from the challenges created by the pandemic.
To ensure your business’s funding facilities remain the most suitable available, our team would be pleased to review and help you to compare them with other potential options. To discuss your requirements and explore the possibilities, please request a call back or call us on 0800 9774833.