Recruiting a vital funding solution – Polar Recruitment Ltd
As the credit crunch tightened its grasp on the UK economy towards the end of 2008, managing director of Polar Recruitment Ltd, Neal Warcup, realised he faced a challenging time ahead.
With the number of job vacancies falling as a result, unemployment was rocketing as the recruitment sector was hit hard, but by supplying permanent and temporary staff to the IT, defence and telecommunications industries, Neal was confident he had found a niche that would lead him down a road to success.
Having injected his own cash into the business with no additional funding from his bank, Neal’s experience in the recruitment sector told him he would need some financial help to grow: “Primarily I needed to boost the company’s cash flow. While the permanent deals were fine, if I had to wait 30 days to receive payment from the temporary contracts it would have severely caused a problem for me – I wouldn’t have been able to pay my contractors without it.”
Hilton-Baird Financial Solutions’ experience of the factoring market helped to draw up a tailored shortlist of suitable factoring solutions from different funders to provide a choice of facilities that would suit Polar Recruitment’s needs.
He said: “I was offered a variety of factoring services by Hilton-Baird, and after consultation over the right one for me I chose the one that was the most personal, informative and friendly. Although it wasn’t the cheapest offer I think it was the better one for my circumstances.”
Based in Southampton, Polar Recruitment draws on extensive experience in the recruitment sector – something Neal believes will aid his company’s success over the coming years.
He added: “It’s not all doom and gloom because there are sectors that are still recruiting and the current climate certainly gives an opportunity for quality to shine through. There’s enough work out there if you’re committed enough to get it, especially if you have the right funding in place to support your growth.”
For more information on Polar Recruitment, visit www.polar-recruitment.com.
If like Polar Recruitment you’re looking for additional funding to help your business grow Hilton-Baird Financial Solutions could help. Call us today on 0800 9774833 or email info@hiltonbaird.co.uk to speak to one of our funding consultants. Alternatively, get a quick quote to see how much funding your business could access with factoring.
