Phil Trueman from Reach Commercial Finance uses evidence of good cash flow management to generate increased funding for Cambridgeshire recruitment firm
A Huntingdon-based recruitment client of Reach Commercial Finance came to them for help again recently to secure new business funding.
As a specialist recruiter to the logistics industry, sourcing temporary and permanent staff for its customers, from HGV and van drivers, to warehouse and office personnel, the business was set up in 2015, quickly establishing itself as an experienced and reliable recruitment partner for a range of clients.
A sister company was launched two years later to offer permanent recruitment services and broaden the client base. This side of the firm focuses on permanent senior appointments for more general commercial businesses, providing roles in administration, customer services, purchasing and accounts.
Both directors have brought a wealth of knowledge and professionalism to the firm and share the same commitment to excellent customer service and results.
The business had enjoyed good funding support for a few years but were experiencing pressure on cash flow and also wanted to invest in the permanent recruitment side of the company.
A good payment history on existing lending helped Reach source an alternative funder as Phil Trueman from Reach explained:
“The funder provided two invoice finance lines of credit for both the temporary and permanent sides of the business. We also managed to secure increased credit limits to meet business requirements, generating a solid six-figure funding pot.
“We worked closely with the funder to do the deal, providing a detailed report on the company’s exposure to existing debt.”
He added: “A clear demonstration of the company’s excellent credit control policies and robust approach to cash flow management was an essential part of our pitch for increased backing, which we were delighted to land for this valued client.”
“Phil Trueman and the team at Reach have always been there to help me when I’ve needed it the most. From funding help to just general business advice. Phil has helped me with invoice financing and business loans through to business insurance and even put me in touch with an accountant who was able to further support us. Initially it was a service that I hadn’t considered using or needing, but I can certainly see the benefit of their services now. Three years down the line it was certainly a good decision to make and I would highly recommend Phil and Reach – they are my first port of call for advice. With all the highs and lows of running a business, it is comforting to know there is someone in the background always ready to help out. Due to Phil’s consistent advice and efforts on our behalf I regard him more of a friend of the business than simply a service provider.”
Director, Recruitment Co
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