Absolute Invoice Finance drives expansion
Absolute Invoice Finance drives expansion for Quality Support (UK) LtdStudley-based Quality Support (UK) Ltd, a specialist recruiter for the automotive industry, is to diversify into the engineering and support services sectors, after securing a 125,000 funding line from Absolute Invoice Finance (Absolute).Established in 2000, Quality Support (UK) Ltd provides temporary and permanent staff, covering quality issues, including inspection, re-work and containment for leading global car brands such as BMW and Honda. The business also works with Maier UK Ltd, a leading manufacturer of bespoke car components to motoring giants such as Toyota, Nissan and Honda. Quality Support (UK) Ltd was acquired in May 2009 by Maurice Minor, an entrepreneur with over 32 years industry experience, gained mainly in senior management positions with companies including Honda. Funding for the deal was provided as part of Minors agreed finance facility with Absolute.Minor now plans to expand Quality Support (UK) Ltd to provide a full range of engineering functions and support services allied to the manufacturing industry and logistics and distribution community. Minor said: The automotive industry has been hit incredibly hard as a result of the recession, with demand for cars and hence production levels dropping off significantly since the onset of the economic downturn. The demand for quality inspectors is still there, but it is crucial that we adapt to the changing market and diversify into other industry sectors and we are pleased that we are able to provide a flexible and cost-effective service for our clients.We are looking forward to the next stage of growth for Quality Support (UK) Ltd, something that would not have been possible without the support of Absolute. The invoice finance facility means we are able to better manage our cash-flow and long-term financial forecasts.James Bingham, regional manager at Absolute Invoice Finance, commented: Quality Support (UK) Ltd is in an excellent position to grow through the recession by offering its proven and cost-effective services to new audiences. Entrepreneurs like Maurice Minor will be crucial to the future growth of the economy, and we are delighted to be supporting him by providing a finance facility to suit the needs of his business.