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MERSEYSIDE RECRUITMENT BUSINESS AIMS TO DOUBLE TURNOVER WITH LLOYDS TSB SUPPORT

MERSEYSIDE RECRUITMENT BUSINESS AIMS TO DOUBLE TURNOVER WITH LLOYDS TSB SUPPORT

A Merseyside specialist recruitment business is looking to almost double its turnover this year after securing a &pound3 million funding package from Lloyds TSB Commercial Finance.

Tailored Recruitment Services, based in St Helens, is a specialist provider of HR solutions to the manufacturing and logistics industries, offering permanent and temporary recruitment services to the private and public sector nationwide.

Established in 2005 by directors Alan O’Grady and Kevin Birch, the business has shown a steady increase in turnover each year, which resulted in a move to larger premises in 2008.

The company is now forecasting a &pound25 million turnover in 2012, almost doubling revenue from last year, with the help of funding from Lloyds TSB Commercial Finance.

In order to increase their cashflow, the firm approached the bank and secured an invoice finance facility, advancing the value of up to 90 per cent of its invoices, bridging the gap between their invoices issued and payment received and so ensuring minimal disruption to the business’ working capital.

As a result, the business has recently re-invested in developing electronic management systems, restructured staff and office arrangements, and employed a new dedicated HR manager to supervise the firm’s temporary employees.

Alan O’Grady, director at Tailored Recruitment Services, said: “When Kevin and I decided to start up the business, I had experience in logistics operations and Kevin came from a recruitment background, so a specialist recruitment service was a natural fit for us.

“The funding we have recently secured from Lloyds TSB Commercial Finance will be instrumental in enabling us to capitalise on our rapid business growth, and through further investment we hope to strengthen our presence within the logistics recruitment industry.

“We view our relationship more as that of business partners rather than a bank and customer they understand our business and we understand theirs.”

Sue Pendergast, client manager for Lloyds TSB Commercial Finance, said: “The success of Tailored Recruitment Services in its first seven years is fantastic, particularly considering the difficult economic climate of recent years.

“By working closely with the business, we have been able to provide the most appropriate form of funding to complement the firm’s own growth plan. Invoice finance was a great fit for Alan and Kevin as it is an ideal facility for larger SMEs with a strong financial background, freeing up cashflow and facilitating growth opportunities.”

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