Gener8 Finance, part of the 1pm Group, has supplied a £70k invoice finance funding facility for London-based Key Skills Education to expand its offering across the UK.
The East London-based company, which was established in 2010, places teachers and teaching assistants into schools and education centres across London and the Home Counties, on long-term and permanent placements.
The business received funding from Gener8 Finance to grow its team of account managers and to re-invest in the recruitment of staff.
Key Skills Education also has a special educational needs (SEN) division that focuses on placing qualified SEN teachers and teaching assistants into long-term SEN jobs in the south of England.
Richard Hill, senior consultant at Key Skills Education, said: “We’re thrilled to have secured this line of funding, which will allow the business to expand its reach and further its reputation beyond the London boroughs and Home Counties we currently work in. The cash injection will enable to us invest in the business, make further hires and meet the current demand for skilled education professionals in London and beyond, immediately.
“The team at Gener8 were able to move quickly, and have a fantastic understanding of our business and the nature of the industry we work in. They set up a facility within two weeks, which has generated enough cash flow for the business to grow and position ourselves in the best way to react to market demands as they occur. We can also invest in people to focus on recruitment outside of our current area of operation, and expand the Key Skills Education brand.”
Phillip Speed, business development manager at Gener8 Finance, added: “We are thrilled to be able to offer Key Skills Education our support and allow them to grow without any interruption to the service it currently provides in the south of the country. We look forward to working with the business as it continues its expansion into new territories and continues to provide its already high-quality team and service.”
Gener8 Finance offers small and medium-sized entrepreneurs (SMEs) invoice finance facilities ranging from £10,000 to £1million, and is a subsidiary of 1pm plc.
Invoice financing is a way for businesses to borrow money against the amounts due from customers. It can help businesses improve cash flow, pay employees and suppliers, and reinvest in operations and growth earlier than they could if they had to wait for their customers to pay their balances in full.