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LONDON RECRUITMENT FIRM AIMING TO DOUBLE TURNOVER WITH BANK SUPPORT

LONDON RECRUITMENT FIRM AIMING TO DOUBLE TURNOVER WITH BANK SUPPORT

A leading specialist recruitment business in London is looking to double its turnover within the next three years with the help of an invoice finance facility provided by Lloyds TSB Commercial Finance.

Established in 2006, Green Park supplies elite interim management and executive resourcing solutions, and is the preferred recruitment partner to organisations including BP and Virgin Media, as well as numerous local authorities and Government departments.

The business, which employs 40 people, has grown annual sales from &pound2.5 million in its first year of trading to &pound22.4 million last year, and is aiming to achieve annual turnover of more than &pound24.5 million this year. In 2010, it ranked among the Sunday Times Top 20 fastest growing UK private companies.

To generate the working capital needed to support its ambitious three-year expansion strategy, Green Park switched to Lloyds TSB Commercial Finance and secured an invoice discounting facility.

The funding, which involves advancing the value of up to 85 per cent of a company’s issued bills, will allow it to meet peak cash demands in its PAYE and tax payment cycles, increasing its financial headroom.

During the first stage of its growth plan, Green Park completed a share buy-back from its original investors to enhance the reward and flexible benefits packages for its employees, and is working alongside Henley Business School to improve its change management offering to clients. 

Dawn Spetale, chief financial officer at Green Park, said: “We work hard to provide comprehensive executive recruitment services for clients that don’t have the time to trawl the market for someone whose ambitions match their own, and our thorough approach is evident in the successful growth figures we have achieved year on year.

“The funding we have received from Lloyds TSB Commercial Finance provides a cashflow boost that allows us to concentrate on the day to day operations of the business. We hope this investment and continued support from the bank can help us to position ourselves as the leading supplier of elite recruitment.

“We’re now also working closely with Lloyds Banking Group’s Wealth Management specialists to overhaul and enhance our reward and flexible benefits packages. It’s a really exciting time for us.

“And all the way through this process, what’s been fantastic is the way they’ve taken relationship responsibility for both the core and non-core banking services. Lloyds TSB Commercial Finance has been incredibly responsive about finding both the individuals and the organisations who’ll work with us to provide the alternative solutions we’re seeking.”

Steve Fleming, client manager at Lloyds TSB Commercial Finance, commented: “Green Park has delivered fantastic results in its first six years during a time of economic uncertainty, which is reflective of the dynamic service it provides to clients.

“We have developed a strong working relationship with the company, and we are looking forward to building on this as it leverages its development strategy. As a larger SME with a strong financial background invoice discounting was an obvious funding choice for this firm.”

Stuart Talbot, head of the Recruitment Finance division at Lloyds TSB Commercial Finance, said: “Invoice finance is a commonly understood and widely used funding vehicle in the recruitment space. It can be closely tailored and aligned to the capital cycles of recruiters, and, crucially can support the export of services into new, high growth markets. We remain committed to backing SME, mid-markets and large corporates in the sector, with our comprehensive proposition to the industry.”

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