Bibby Financial Services has provided a £800,000 funding facility to D&A Recruitment – an independent recruitment company specialising in a range of sectors across the UK.
Based in the east of England, D&A Recruitment offers recruitment services and provides temporary and permanent placement.
Tony Clampin, corporate manager at Bibby Financial Services said: “D&A have a strong track record of achieving year-on-year growth. We were pleased to be able to structure a facility that frees up their cash flow so Dan and the team can focus on managing day-to-day business and achieving their future growth targets.”
Established in 2012 the business has grown its turnover by 20% year on year, an increased from £400,000 seven years ago to £4.5m today and holds contracts with companies like Hotel Chocolat.
The finance structured by BFS’s corporate team will boost D&A Recruitment’s capital operations, supporting growth and its ambition of achieving a £10m turnover.
Dan Davis, managing director at D&A Recruitment said: “In recruitment, the average payment terms with customers range from 30-60 days. BFS’s funding provides the working capital we need to meet payments and grow the business. It was a pleasure to work with the Corporate team who understood our commercial needs and were able to structure a facility that supports our plans for continued growth.”
Bibby Financial Services supplied a £2.6m invoice discounting facility to Morris Line Engineering in April.
The engineering business has two brands, Morris Line Engineering (MLE) and JW Morris.
The funding package was given to support the Morris Line management team in developing its products and markets by providing instant access to cash tied up in outstanding invoices.
MLE provides design manufacturing services for low voltage and high voltage equipment, and has exported to over 70 countries over the past 40 years of trading.
As well as its operations within the UK and Ireland, MLE has a factory in Dubai serving the electrical distribution, rail electrification and oil and gas sectors.
Bibby recently released the findings of their Q3 SME confidence tracker which showed approximately 3.1 million businesses in the UK failed to prepare for Brexit.
It also found fewer SMEs are investing than before. Seven in 10 (69%) of SMEs have made investments this year – 11 percentage points lower than the same time last year.