So far this year, Skipton Business Finance has made over £100m of working capital available to businesses within the recruitment sector to support their funding requirements and business goals. This means that the recruitment sector is by far the largest sector that we support and has been for over 20 years. The availability of this £100m of funding has given many of our clients the ability to utilise that working capital in various ways, such as investing into expansion plans, increasing their marketing, recruiting the best talent for their business, and has even supported management buyouts and acquisitions.
The amount of funding that we have made available to the recruitment industry has increased year-on-year and we do not anticipate that this is going change anytime soon.
An example of where one of our recruitment clients has benefited from this funding availability is a £1.5m Invoice Discounting facility for a London-based recruitment firm, who were looking to hugely improve their inconsistent cashflow cycle, which was hindering them from developing the business. We’ve been supporting this business for over 6 months now and have developed a very strong partnership between the business’s financial director and his respective dedicated relationship manager.
How does Invoice Finance help recruitment businesses?
Getting immediate access to up to 90% of invoices the day a recruitment agency completes the work can give them the working capital and improved cashflow they need to take their business to the next level. This supports recruitment businesses by helping fund weekly temporary staff, taking advantage of early payment discounts from suppliers, keeping on top on HMRC payments and the ability to take advantage of opportunities in their marketplace.
The flexibility of our Invoice Finance facilities mean that they grow in-line with each business, meaning that no matter what size the recruitment agency is, their Invoice Finance facility will grow as their business does, allowing them the time to focus on delivering a world-class product or service to their own clients.
It is also particularly useful for businesses within the recruitment industry because generating working capital can support a range of business transactions common in the industry, such as business acquisitions and management buyouts.
With overpayments available to help with the smooth running of their business and fast decision-making due to close relationships with their dedicated Relationship Manager, we really do help accelerate a business owner’s strategic aims.
If you’d like to find out more about our Invoice Finance solutions and how we could help your business, please get in touch at info@skiptonbf.co.uk or visit our website.