Customer: Bridgeman Recruitment Services Ltd
Industry: Recruitment
Funding: IDeal™ invoice discounting with Liquidity Plus and bad debt protection
Challenge
Founded in 2013, Bridgeman Recruitment Services Ltd is a Stockport-based recruitment firm, specialising in placing positions for the construction industry, such as crane drivers, brick layers, ground workers and operations managers.
Bridgeman Recruitment Services Ltd experienced a positive first two years of trading and the business was beginning to grow. Company Director, Shaun Bridgeman, was looking for a new finance provider that could offer a more sustainable and cost-effective arrangement to support their future ambitions.
Solution
Shaun approached a broker for advice who subsequently introduced him to a number of providers, including Close Brothers Invoice Finance. He built an excellent rapport with his local Sales Director, “He really understood my business, which gave me confidence to choose Close Brothers. Other lenders were very competitive on price, but I went with my gut instinct.”
Bridgeman Recruitment Services opted for an invoice discounting facility using the IDeal™ platform, which integrates with their accounting package, and frees up cash from outstanding customer invoices almost immediately. The Liquidity Plus bolt-on was set-up to provide 100% pre-payment on invoices during a three month period.
In addition, Shaun took advantage of the bad debt protection product, meaning he can trade safe in the knowledge that any potential customer insolvency won’t negatively impact on the business' cash flow.
Result
Bridgeman Recruitment Services now have a well-structured, secure funding arrangement in place. The business has recruited extra headcount, with room for further appointments in the near future to support expansion into a new telecoms division.
Shaun said “100% pre-payment in particular has been brilliant and helped us start to accrue significant amounts of money into our account, which will really help with our growth plans”.
