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Recruitment firm adapts to changing customer behaviour

Recruitment firm adapts to changing customer behaviour 

London-based recruitment services firm The JM Group has expanded into new sectors thanks to continued support from Lloyds TSB Commercial Finance. The company has recently launched a new digital recruitment arm and expanded into business change management.

Founded in 1981, The JM Group provides recruitment services to a range of customers across financial and professional services, as well as technology and telecommunications.

The company, which has 38 employees, has increased its turnover to &pound24m, seen staff retention increase, and won several new customers. Its customers include Direct Line Group, BSkyB, Accenture, JPMorgan and Worldpay.

While some recruitment firms looked to expand overseas as the domestic market slowed as a result of the recession, CEO Dave Pye focused on ensuring the company adapted to new customer buying behaviour at home.

In December 2011, the company launched a digital recruitment arm JM Digital in response to the growing demand for digital staff across consultancy and financial services. As many firms looked to restructure in response to the recession, the JM Group also spotted a need for recruitment services in business change management.  

Lloyds TSB Commercial Finance provided the company with an invoice discounting line that allowed it to borrow against the value of its unpaid invoices, underpinning this growth and helping The JM Group fund its expansion into new markets. 

Dave Pye, Chief Executive Officer of The JM Group, said: “The recession has seen many recruitment firms suffer, particularly those that have traditionally focused on the financial services market. We wanted to ensure we stuck to what we were good at, but that in turn has allowed us to spot new opportunities for the business.  

While the number of firms looking to recruit staff for permanent positions fell during the recession, demand is starting to recover. We have also focused on the interim market, with demand driven by firms looking to restructure as part of business change programmes.  

“Despite economic turbulence, and changes in our business, Lloyds TSB Commercial Finance continues to provide the flexibility and the support to help us grow. We have boosted our turnover, gained new customers and entered additional markets, which we would not have been able to do without utilising the invoice discounting facility from Lloyds TSB Commercial Finance.”

Mark Jones, Client Manager, Mid Markets & Global Corporate Recruitment Finance at Lloyds TSB, said: “The JM Group is a leading player in recruitment services, offering customers services based on close, long-term working relationships.

“Invoice discounting allows businesses to unlock the capital tied up in their invoices, and improve their cash flow. This flexibility, alongside the firm’s ability to refocus the business on new markets, and adapt to changes in customer behaviour has allowed The JM Group to both increase turnover and profitability. We look forward to both supporting and working with them in the months and years ahead. ”


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