Recruitment company boosts internal staff and invoice discounting facility
A healthcare recruitment firm in Loughton, Essex, has increased its members of internal staff by 33 in the past year from 29 with plans to increase this number further by 38 over the next twelve months with the support of Lloyds Bank Commercial Finance.
The Essex based recruitment firm, Day Webster Group, specialises in providing temporary nursing staff to the healthcare sector, with 80 per cent of its staff employed by the NHS since an increase in contracts over the past year.
The firm currently has over 12,000 temporary staff on its books. To cope with growing demand, the healthcare recruiter has increased its invoice discounting facility from £2.5 million to £3 million, enabling it to pay its temporary members of staff every week without waiting on payment from clients which can take up to 49 days.
This type of facility allows Day Webster Group to draw against its invoices and offer its health recruitment staff a same day pay guarantee once the firm has received their time sheets. In 2011, Day Webster Group acquired Care Providers, a nursing agency which has enabled the continued growth of the group and ensure its rapid extension.
To accommodate its growth, Day Webster Group moved to new premises in August on Langston Road, Loughton, previously located at its head office in Woodford Green.
Day Webster Group was first established in 2009 by Hugh Woods Ballard and Daniel Wise. Hugh was the group financial director at Morgan Hunt for seven years, a leading public sector recruiter which grew from a start-up to a £90 million turnover business while he was there.
Hugh said: “This year felt like the right time to take advantage of the market and, with our success over the past few years, we wanted to expand and enable growth. To increase profits and our portfolio, we knew it was important to have the right staff who are competent and talented at what they do. Of course, we need to pay our healthcare experts but we can often be left waiting over a month for payment from clients.
“To solve this problem, we got in touch with Richard Clarke, our client manager at Lloyds Bank Commercial Finance, and were able to expand the invoice discounting facility we already had in place. This allows the group to pay our recruitment staff within a short-time period which in turn can be motivational for those we send to the NHS Trusts and private clinics.”
Richard Clarke, client manager at Lloyds Bank Commercial Finance, said: “Over the space of four years, Day Webster Group has continued to gain large contracts with some of the leading healthcare establishments in the UK. At Lloyds Bank Commercial Finance, we can provide a range of solutions specifically aimed at recruitment firms, including factoring and invoice discounting, to help with the payroll commitments of an expanding business.
“In total, we are helping 1400 recruitment firms and have 40 years of experience tailoring services to meet the recruitment sector’s needs. Through the invoice discounting facility, Day Webster Group is able to stay in complete control of its finances.”