Industry: Recruitment
Product: IDeal with Growth Guarantee Scheme (GGS) top-up
We Are Footprint was established in 2010 by Stephen Carr who used his extensive experience working in the construction sector to start a specialist temporary recruitment service in the North West. They are now one of the market leaders in their industry and whilst traditional recruitment remains key to the company’s continued growth, the large reinvestment from profits now helps to support vulnerable or disadvantaged people find jobs, including those who have been in care, in prison or from other disadvantaged backgrounds.
In this time, the business has successfully grown to employing over 20 staff and has developed an outstanding reputation for supplying excellent candidates.
The business has been using invoice finance with Close Brothers for over a decade as a tool to bridge the gap between paying candidates' wages and receiving payments from their clients. It has also made managing cash flow less burdensome whilst navigating seasonal changes to work patterns in the construction sector.
Invoice finance releases a large percentage of the value of client invoices as soon as they are raised and has grown in line with the business turnover to support working capital.
The company has continued to grow year on year even through the covid pandemic which negatively affected so many businesses and individuals in the sector, increasing economic inequality.
Over the last 3 years, driven by the company ethos the decision was made to put 51% net profit back into the local community via its Social Enterprise arm and to use these profits to transform lives and communities by working with local governments, schools and rehabilitation centres to get disadvantaged people back into the workplace.
Since then, more companies beyond the North West have begun working in collaboration with We are Footprint, including beyond the North West with the upcoming opening of new offices across Yorkshire and the Midlands in the early part of 2025
Business challenge
To meet this new demand, the management team is committed to developing a tailored service for further regions, whilst understanding that the socioeconomic make-up, services and training requirements may differ. This required additional headcount and investment in staff to provide the best possible service.
The solution
Our expert team at Close Brothers Invoice Finance provided a top-up through the Growth Guarantee Scheme (GGS), a government backed loan which supports access to finance for UK small businesses. This operates alongside their existing invoice finance facility and was arranged within 3 weeks, making the process quick and easy for We are Footprint as they look to invest and grow.
The result
This additional funding has enabled the firm to onboard four new, experienced consultants to begin operations in Yorkshire and the Midlands. They will continue to offer professional recruitment services for construction companies with a training program for disadvantaged groups in those areas.
Stephen Carr, Managing Director of We are Footprint said:
“Close Brothers have been with We Are Footprint from day one and they have always made an effort to understand the company and wanted to see us succeed. I have never felt the need to look elsewhere for funding. If you don’t manage finances closely through expansion, capital can very quickly disappear, growth costs money but with the help from Lindsey and Close Brothers the business continues to operate seamlessly. They are flexible, work quickly and now feel like an extension of our own team.”
Lindsey Carlton-Bull, senior client manager at Close Brothers, said:
“We invest time and energy in getting to know our clients and strive to secure ongoing value for them. We are pleased to have supported We are Footprint for the last 12 years and see the business go from strength to strength.”
The company continues to use invoice discounting in their exciting new stage of development and the continued work they do to positively contribute to communities in the North.
Businesses of all sizes, from startups to large enterprises, can benefit from Invoice Finance’s adaptable funding, which grows in line with turnover. Find out more about tailored solutions with Close Brothers Invoice Finance.
