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Spinnaker Builds Success With Bank Facility

Spinnaker Builds Success With Bank Facility

A specialist construction recruitment business in Portsmouth that increased its annual turnover to &pound5.8 million over the past year has created a variety of new management and operational roles to support its continued growth in 2013, after securing a payroll finance facility with Lloyds TSB Commercial Finance.

Established in 2010, Spinnaker Contract Services Limited provides contract temporary and permanent workers to UK-wide clients operating in the construction and civil engineering, heavy industrial, energy, infrastructure and building services and retail and leisure sectors.

The firm, which now has 17 employees, has expanded rapidly since it was founded three years ago and recently secured an extensive contract to supply workers to a global manufacturing facility on Barry Island requiring the provision of 145 specialist access and thermal insulation personnel.

To support its ambitious growth strategy, which includes plans to open a new office in South Wales in May, Spinnaker switched from its previous banking provider to Lloyds TSB Commercial Finance, which provided the company with Cash Friday, its payroll finance facility.

This fully outsourced back office solution includes a comprehensive payroll management service, a factoring facility and a credit insurance policy, reducing the administrative duties for the business and freeing the team to concentrate on securing new contracts by moving into new durable markets such as the rail and facilities management markets.

Paul Mulholland, managing director at Spinnaker, said: “We operate in markets within the construction sector that have remained robust despite the challenging economic climate, and the business has expanded steadily over the last three years. Our recent growth means that we’re well positioned to open a new office later this year.

“The Cash Friday facility from Lloyds TSB Commercial Finance has transformed how the business is managed and its operational style. Our staff can now focus on winning new business, whilst the facility ensures all of our workers are paid on time, and the online function is extremely helpful in ensuring we can manage our sales ledger with confidence and efficiency. The bank’s in-depth knowledge of the recruitment sector and its dedicated support has meant we’ve been able to get the system in place seamlessly, and it has had real benefits for our business.”

Helen Hesketh, client manager at Lloyds TSB Commercial Finance, said: “Spinnaker has quickly established a reputation for providing skilled and reliable workers to clients, and the firm’s continued contract success has resulted in consistent turnover growth over the last three years.

“Cash Friday allows businesses like Spinnaker to trade confidently knowing workers are being paid correctly and on time, records are being accurately maintained and that funding is in place to capitalise on expansion opportunities.”


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