Business booming at recruitment funding org
Designed to support its ongoing rapid growth and expansion, RBS Invoice Finance has provided Boomerang Funding with a working capital facility. This will help the company meet rising demand for their services from start-ups and established agencies in the recruitment sector. The company has also switched its banking facilities to The Royal Bank of Scotland (RBS).
Boomerang Funding works closely with recruiters throughout the UK and specifically provides funding to start-ups and small independents who can find access to finance challenging. Boomerang Funding’s flexible and dedicated approach is attractive because the funding is risk-free and is designed to help new entrants into the recruitment sector to fund the placement of contractors and temporary workers.
Since it was established in 2012, Boomerang Funding has grown rapidly, with turnover increasing from £500k to £10m in three years. This continuous expansion is a result of both strong demand for specialist funding, along with growth in the recruitment sector.
Paul Dewick, Commercial Director of Boomerang Funding said: “We are growing fast due to the rise in demand for our services and as a result need working capital to support our expansion.
“Before securing the £4million facility from RBS Invoice Finance, we had had to turn business away so we are really pleased to agree the deal - without it we would not have been able to grow.
“We are also happy to move our banking across to RBS - it made sense to be with the one provider and a team that understand the recruitment sector.”
John Kennedy, Head of Business Development at RBS Invoice Finance said: “It’s great to have Boomerang Funding on board. The company is run by a strong management team and their success in recent years is testament to the service that they provide and the need for it in the recruitment industry. We are looking forward to working with the team and to helping the business grow.”
Simon Ribbans, Head of the specialist recruitment team at RBS said: “We first met with Paul at The Recruitment Expo held at Olympia this year and are delighted to welcome them as a new customer to bank. We have been impressed by their growth and commitment to support SMEs in this sector.”