Recruitment firm’s new business model supported by factoring facility
A business specialising in IT recruitment has secured a new £200,000 non-recourse factoring facility to support their new business model with the help of Hilton-Baird Financial Solutions.
Having recently adapted to target clients outside the UK, our client needed a replacement funding facility that would support them by advancing funding against the value of their export sales and invoices ahead of payment being received, to assist with cash flow.
We are pleased to have helped them secure a new facility, by way of a £200,000 non-recourse factoring line, which offers funding against exports as well as domestic sales and will enable them to grow their business both within and outside of the UK.
An existing relationship
Established in 2015, our client, a recruiter specialising in temporary placements within the IT sector, had an existing relationship with us as we had introduced them to their now previous funder back in 2018.
Despite them being very happy with their original funder, their business model and needs evolved, meaning their existing facility and funder were no longer the best and most suitable option. Their prior funder didn’t fund exports and, despite being a good fit while our client’s business operated domestically only, was unable to offer them what was needed, due to their credit policy, when the pandemic gave our client a nudge in a different direction.
Given their relationship with us, they trusted that our team would, as always, put their needs first and foremost. Knowing our business is based on a strong service ethos and that we place great value in our relationships with our clients, they reached out to our Client Manager, Dane Kearney-Hay, for support.
We introduced our client to funding providers who would meet their current and likely future needs, in light of their new direction. Since securing their new factoring facility, we are pleased that our client has been able to transact with businesses overseas – mainly based within the EU, despite the additional challenges imposed by Brexit.
It’s great to know that our clients value our relationship and that they trust we will be here to support them, no matter what their challenges or evolving needs may be. Given our existing insight into their business, we were able to act quickly and deliver the ideal options to select from.
If you’re looking for a funding facility, our team would love to assist. To discuss your requirements and discover the value we can add to your business, call us on 0800 9774833 or request a call back at a time that is suitable for you.