Lucky Number 8 Has Another Successful Year
Lucky Number 8 – Has Another Successful Year
Number 8, an agency specialising in recruitment for the construction industry has increased turnover and is looking to grow further, thanks to support from Lloyds Bank Commercial Finance. Based in Chiswick, West London, Number 8 specialises in providing permanent and temporary staff for construction and demolition projects in the UK, Middle East and New Zealand.
The firm was established at the end of 2008 by Peter Hart, Group Operations Director, and Zinzan Brooke, former captain of the All Blacks Rugby Team. Having previously worked in the construction industry, the two spotted a gap in the market, and decided to create an agency that would provide firms with a relationship-led service for hiring temporary staff for construction projects.
Number 8 has seen particular growth in New Zealand, where the recent earthquake in Christchurch means demand for skilled construction workers has outstripped supply. In addition to responding to this demand, the firm plans to specialise in temporary recruitment for the demolition industry, in addition to providing construction clients with high-level permanent recruitment.
As a recruitment agency, Number 8 pays its temporary staff on a weekly basis, however payment terms for customers are typically much longer than this. The firm approached Lloyds Bank Commercial Finance earlier this year for a £2 million invoice discounting facility, meaning it can borrow against outstanding customer invoices so it can pay staff.
The firm turned over £12 million in 2012, with plans to grow this to £15 million in 2013. It currently places approximately 500 temporary workers every week, with plans to double this over the next few years, while retaining its focus on client service.
Number 8 was founded during a recession, however Managing Director, Trevor Mills believes that operating in a tough market has stood them in good stead as the economy begins to recover: “We established the business in a tough market, but we have seen consistent and solid growth since. Our aim is to continue to grow our turnover and the number of workers we are placing, but remain committed to providing clients with a high standard of client service.”
“Since we pay hundreds of temporary workers on a weekly basis, cash really is the lifeblood of our business. Without an invoice discounting line, we wouldn’t be able to pay our workers weekly and continue to grow the business. It has taken pressure off our cashflow, allowing us to invest in expanding the firm.”
Richard Clarke, Client Manager at Lloyds Bank Commercial Finance, said “Number 8 has seen impressive growth in a tough market, and has established a solid reputation in a niche market. As the construction industry recovers, the firm will be able to take advantage of new projects and demand.