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Hinckley based recruitment firm doubles turnover

Hinckley based recruitment firm doubles turnover

Igloo, a recruitment and staffing services company based in Hinckley, has doubled its growth in 12 months after securing an invoice discounting line with Lloyds TSB Commercial Finance.

Founded in 2005, the firm specialises in supplying staff to companies within the automotive, transport and logistics sectors. The company originally specialised in supplying temporary and permanent staff, but its growth has been driven by moving into managed services, meaning it can supply entire workforces to clients. Igloo employs between 800 and 1,000 staff, and works with companies across the UK, and the rest of Europe.

Igloo is expecting to turnover &pound25m this year, up from &pound18.8m last year, and &pound4.7m in 2009. It has seen sales growth of over 58% in the last twelve months. Part of the company’s success has been down to using invoice finance, which allows the company to pay its staff on time, while waiting for payment from customers. The company previously used factoring, but moved to a &pound1.5m invoice discounting line with Lloyds TSB Commercial Finance, allowing the company to remain in control of invoice and credit control processes.

Director of Igloo, Craig Brodie, said: “Invoice discounting allows me to pay my staff on time, without waiting 30, 60 or even 90 days for payment from our clients. The funding has meant that we’ve been able to develop our business, offering new types of services to clients and extend our customer base beyond the UK. We’ve been able to take the business from strength to strength, and we’re excited about the future of the firm.

Linda Moulds, client manager at Lloyds TSB Commercial Finance, added: “Igloo offers specialist advice to the automotive, transport and logistics sectors. We’ve been working with Igloo for over seven years providing invoice discounting and the growth of the company over the last 12 months has been impressive. For many companies in the recruitment sector, invoice discounting can provide a flexible form of finance, allowing them to manage cashflow while juggling different staff contracts and payment schedules.”

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