Industry: Recruitment
Product: IDeal™ with bad debt protection
Facility size: £2 million
The owners of a successful, London-based tech recruitment company wanted to expand. As part of this, a decision was taken to open offices in Ireland to minimise the impact that Brexit could potentially have on the business.
The corporation needed funding to facilitate cash flow, however their existing bank was unable to finance the newly established Irish division. Having previously noted that Close Brothers had offices in both the UK and Ireland, they contacted us.
After the business discussed their funding requirements with one of our experts, Close Brothers Invoice Finance were keen to support both the firm’s new Irish venture and their existing UK entities.
The company secured a £2,000,000 joint invoice discounting facility for both of their recruitment branches. This provides one point of contact for their commercial funding needs, making managing their finance solution straight-forward.
They also opted to use our real-time, invoice finance platform IDeal™ which gives 24/7 instant access to cash tied up in outstanding customer invoices. This allows the team to manage the funding for both the Irish and UK-based divisions regardless of time or geography.
Close Brothers’ flexible and prudent approach to lending in the UK and Ireland has increased the business’ confidence as they look to futureproof their operations.
