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Portsmouth recruitment business doubles annual turnover and workforce using bank funding

Portsmouth recruitment business doubles annual turnover and workforce using bank funding

A leading transport and logistics recruitment business in Portsmouth is finding temporary and long-term contract work for more than 80 local people, and has doubled its annual turnover to &pound1 million, with the help of a &pound150,000 invoice finance facility provided by Lloyds TSB Commercial Finance.

Driver Hire Portsmouth, which is part of the nationwide Driver Hire group, was bought by franchisee Jamie Williamson ten months ago. The company provides temporary and permanent drivers to customers based along the South coast, including clients in Chichester, Portsmouth and the Isle of Wight.

Since Jamie took over the business earlier this year, Driver Hire Portsmouth has doubled its active client base and now regularly finds work for 80 local people, more than twice the number previously on its books.

To generate working capital to support its ambitious growth strategy, Driver Hire Portsmouth turned to Lloyds TSB Commercial Finance for funding support, and secured a factoring facility to boost its cashflow.

The facility, which involves advancing up to 90 per cent of the value of a business’ invoices, allows the firm to complete its weekly payroll requirements without having to wait for payment from customers, whilst being in a strong position to capitalise on expansion opportunities.

Over the next year the company is looking to develop additional business opportunities, through the provision of office and warehouse-based staff, and helping clients to ensure they meet the September 2014 deadline for Driver Certificate of Professional Competence training requirements.

Jamie Williamson, owner of Driver Hire Portsmouth, said: “In less than a year we have achieved substantial growth due to increasing customer demand, with many firms looking to take on temporary workers in the current economic climate.

“We’re finding work for over 40 more people than at the start of the year, and hope to further increase our candidate numbers in the near future. The funding from Lloyds TSB Commercial Finance has been instrumental to the ongoing success of the business, and we look forward to building on this strong working relationship as we implement our strategic growth plans.”

Nick Carter, regional manager at Lloyds TSB Commercial Finance, said: “Jamie and the team have built a reputation for providing a professional, reliable service to clients across Portsmouth and the surrounding areas, which is reflected in the strong growth achieved during Jamie’s first year of ownership.

“This is a great example of the suitability of asset based finance to support high levels of expansion for growing SMEs, with factoring making it easier for firms to plan for the future.”


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