No. of employees: 5
Overview of the Company: This specialist IT recruitment business was set up three years ago, just before the recession bit. It’s survived through tough times and is now starting to experience growth. They’ve been using recruitment factoring services for some time, but recently switched lender via Touch Financial.
Why they needed invoice finance:“If we’re going to survive it’s essential that we stay on top of our cash flow . We have contractors out on site who need paying before the customers settle their bill with us, so it’s essential for us to have plenty of working capital.” Director.
How factoring helped their business: “Invoice finance gives us the confidence to run our payroll and keep our staff on site. Now that business is picking up, our factoring facility is growing with us as we expand. It’s also enabled us to control our outgoings and reduced the amount of invoice chasing we need to do.” Director.
Customer comment on Touch and the lender: “Our previous lender was very expensive, charging us a minimum fee even when we didn’t use the facility. Touch gave us great advice and found us a new lender who provides a very flexible service with no minimum fees, which is ideal for a small business like ours.” Director.