Axica Recruitment secures 500k for export growth
Axica Recruitment secures £500k for export growth
Manchester-based IT recruitment specialist secures £500k funding line
Flexible facility enables expansion into international markets
Fast-growth business set for success
Specialist IT recruitment agency, Axica Recruitment, has secured £500k of financing through Invoice and Asset Based Lender, ABN AMRO Commercial Finance.
The facility, incorporating Domestic and Export Factoring, in addition to bad debt protection, will enable the Manchester-based company to grow rapidly into its fourth year of trading, particularly in overseas markets. Axica Recruitment serves a high-end customer base composed predominantly of blue chip companies based in the UK and abroad.
Steve Madden, Joint Managing Director at Axica comments, “We started the company just 3 years ago and our turnover has grown by 400% over the last 2 years. Our Temporary business represents 92% of turnover and we are now trading in six different currencies, so flexible invoice finance is a vital part of our business operation. It enables us to not only finance our contractor base but to continue to expand it. We were surprised at the negative attitude of some funders towards our growing export book.”
“This finance deal allows us to continue to invest in growth. ABN AMRO Commercial Finance are very commercially minded and show great flexibility towards our expansion into international markets. We are also particularly reassured to know that our funding is able to increase as our business grows.”
The deal was completed in a week by the ABN AMRO Commercial finance team, who worked closely with Axica to realise their funding goals for international expansion.
Nick Russell, Business Development Manager at ABN AMRO Commercial Finance comments, “It’s exciting to support a dynamic business with such ambitions for growth. ABN AMRO were happy to quickly step in and alleviate some of the restrictions that were slowing them down. We look forward to supporting what promises to be a steep increase in growth for Axica. ”