New Invoice Finance Facility to Support Recruiters Growth Plans
New Invoice Finance Facility to Support Recruiter’s Growth Plans
IT, ERP and Pharmaceutical recruitment specialist Square One Resources is targeting further international growth after securing a new £16m invoice finance facility from Lloyds Banking Group.
The London-based recruiter, which has placed resources in over 40 countries worldwide, has recently opened a new office in Warsaw, and is pursuing growth opportunities in other emerging economies.
The uplift in facilities provided by Lloyds Bank’s Commercial Finance and Mid-Markets divisions gives Square One Resources the headroom to pursue its growth plans and persuaded the company to leave its existing invoice finance provider.
Founded in 1995 by Martin Rush and Paul Hanikene, Square One Resources is one of Europe’s largest independent recruitment companies, with a turnover in excess of £70m and 110 employees worldwide.
Square One Resources specialises in the recruitment of both contract and permanent IT, ERP and pharmaceutical professionals for blue chip organisations such as Oracle, Accenture, GSK and Cable & Wireless. In February 2011 the ambitious company moved to new offices at Devonshire Square in the city and announced plans to invest in a leadership development programme.
Gavin Gaskin, Square One Resources Finance Director, said “Despite the challenging economic conditions we have continued to develop growth opportunities in the UK and overseas. The opening of our new base in Warsaw demonstrates our commitment to investing in emerging markets.
“To support our plans we are looking to form a long term relationship with a finance provider who understands our market and specific requirements. Lloyds Bank has an excellent track record of working with large recruitment businesses like ourselves.”
Alison Spires, Business Development Director for the Commercial Finance Division of Lloyds Bank, said: “I am absolutely delighted that Square One chose Lloyds Bank, and specifically the Recruitment Finance division, to be their funding partner. Invoice discounting allows businesses to unlock the capital tied up in their invoices, and improve their cash flow.
For recruitment firms we realise that this is a vital form of finance, since they often need to pay temporary workers weekly, but may have to wait several weeks for payments from customers. Square One has seen impressive growth, and we look forward to both supporting and working with them in the months and years ahead as they look to expand further.”
Jo-Anna Mehew, Relationship Manager at Lloyds Bank Commercial Banking, said: “The recruitment sector is seeing an increase in businesses like Square One Resources who are targeting international markets. At Lloyds Bank we have a team of experts who can structure the right type of finance package to support both the day to day operations of these business and their growth plans.”