Peace Recruitment branch predicts 50% growth
Edinburgh-based Peace Recruitment Trades and Labour says it is on target to turn over £1.8m, an increase of 50% from the previous year.
The company, which is an offshoot of Peace Recruitment, was set up by Tamara Jaberu and Chris Peace in 2012 and now has over 6000 contractors registered with them, regularly placing up to 200 at a time with major contractors, housebuilders and civil engineers within Scotland.
The company states that its growth has been helped by a £500k invoice finance facility provided by Ultimate Finance in Scotland.
With the contractors having to be paid on a weekly basis, and its clients taking up to 60 days to pay, there was a huge pressure on cashflow, claims Peace Recruitment Trades and Labour. Through the new facility, the client invoices are paid by Ultimate Finance almost as soon as they are issued, enabling Peace Recruitment Trade and Labour to continue to grow the business by supplying contractors to even more companies.
Jaberu commented, “We are proud of what has been achieved in the four years since we started. Each year we have grown the business but this year has been phenomenal.
“Our reputation for matching the right candidates with the correct skills for each job meant that more and more companies were approaching us for contractors.
“However, we had to turn some work down because we didn’t have the large cash reserves needed to pay the people we had placed within seven days and then have to wait months for our invoices to be settled.
“In addition to enabling us to take on more clients, Ultimate Finance also provides debt protection, as well a credit control service. This allows us to concentrate on the side of the business we know best.”
Regional director of Ultimate Finance in Scotland, Lynsey Innes, said, “Tamara and her team have built a fantastic business which was being hampered by cashflow problems caused by their own success. We had no hesitation in providing the invoice finance facility to enable the company to take on more work and we look forward to supporting them as they go from strength the strength.”
Original story sourced from Onrec: http://www.onrec.com/news/news-archive/recruitment-company-enjoys-50-growth-following-funding-deal