Inspirium secures 3m funding facility
Inspirium is a technical recruitment and resourcing company, specialising in building and maintaining communications and electrical infrastructure in the rail, highways and national telecommunications networks. The business counts Network Rail and London Underground among its clients, and has recently increased its service offering by targeting the renewable energy and construction sectors.
The funding will be used to manage cash flow and support the company’s expansion plans, which include opening new sites in London and the North West, and growing its sales team.
Since it was established in 2009 Inspirium has seen strong growth, recording a turnover of £7.5m for the year to March 2014, up 17.2% from 2013. Currently operating with six full time staff and 250 subcontractors, the funding will also enable Inspirium to take on additional full time staff in the first quarter of 2015. The company is led by joint directors Stephen Joynes and Steve Olson.
Steve Olson, joint director at Inspirium, commented, “The team at Secure Trust was able to deliver a substantial amount of funding in a short time frame, while ensuring a smooth process from start to finish. We were looking for a facility that could grow in line with our business, and the tailored approach from Secure Trust has given us the right support as Inspirium enters its next phase of development.”
Matthew White, regional sales director at Secure Trust Bank Commercial Finance, added, “Inspirium is a leading provider of temporary labour in the telecommunications, rail and utilities industries, and has huge potential to branch out into new sectors to capitalise on growth. We’re excited to be working with the management team as they roll out the geographical reach of the brand.”
Secure Trust Bank is an AIM-listed challenger bank owned by Arbuthnot Banking Group. It launched its Commercial Finance arm in September last year and has teams in Manchester, Birmingham, Newcastle, Bristol, the South Coast and London.