“We required a partner who understood the challenges we faced and was flexible enough to not only allow us to keep trading confidently but also invest in the future of the business.”
EasyRecruitUK.com, the first fully interactive labour supply company in the UK, is back on track thanks to a £1.5m Invoice Finance facility and £250k CBILS term loan from leading independent asset-based lender Ultimate Finance.
After an impressive period of growth and large scale up operation, a financial issue with one of their biggest clients caused significant pressure not only on their cashflow but also the relationship with their long-standing bank funder. Then, when COVID-19 took hold and turnover was impacted even further, they found themselves needing a new funding partner to support the post Covid-19 recovery.
Working with BRS Consulting to assess their options, they were introduced to Ultimate Finance as an innovative lender who could offer the flexible proposition and dedicated personal service they needed and it is these elements that Kenny MacNeil, owner of EasyRecruitUK.com, believes will be central to supporting the business as it positions itself for growth to achieve its ongoing 5-year plan.
The Invoice Finance facility will help to alleviate the long-term cashflow pressures associated with running a business and the additional funds provided by the CBILS term loan will give them time to re-build their sales pipeline, especially as the winter period is naturally slower for the business – which as Kenny himself commented ‘is exactly what the CBILS scheme is designed to do’.
Kenny continued “With our previous bank funder, we were experiencing cashflow pressure due to large reserves being held against certain key Clients due to external factors which didn’t give us the cashflow headroom required to navigate this challenging period. We required a partner who understood the challenges we faced and was flexible enough to not only allow us to keep trading confidently but also invest in the future of the business. What we have found with Ultimate Finance is that they are straight forward to deal with and worked in partnership with us to find the right funding solution.”
The Ultimate Finance team have delivered what they promised, and I feel confident that their support model will provide the speed and personal service we need to succeed.”
Euan Bell, Senior Regional Director for Ultimate Finance commented ‘It’s been great to work with Kenny and his team, they are an exciting and forward-thinking business who are continually looking at new ways to diversify and grow. We are extremely proud to have structured a funding facility which will support their ambitions and keep their business moving forwards.’