Keene and Lord secure £4m funding from Bibby
Keene and Lord have secured a £4m funding agreement with invoice finance provider, Bibby Financial Services (BFS).
Keene and Lord, which has increased its turnover from £3m in 2011 to £15m this year, stated that cash flow has always been fairly tight, as payment terms can be up to 90 days. This has meant that the company has relied on third-party funding for growth.
Keene and Lord has James Adams, managing director of Keene and Lord, said, “Although we had many different investment options presented to us, we wanted a funding partner who would allow us to maintain control of our business.
“Bibby Financial Services offered a welcome alternative: a higher funding capacity than anyone else and an eagerness to see us grow.
“Our industry is fast-paced and we want to continue achieving the growth we have worked so hard for. We are still carving out our space in the recruitment landscape, but by partnering with BFS we will be able to cement our position as a competitive and innovative company.”
Kevin Craven, corporate director at Bibby Financial Services, added, “We knew the pressure Keene and Lord were under to deliver timely solutions for their clients, and understood we had to be responsive to their needs.
“Working with Keene and Lord really highlights the importance of reliable cashflow for the growth and stability of businesses looking to invest and grow, particularly in a highly competitive market.”