Case Studies
Lloyds TSB Commercial Finance helps lay the foundations at fast-growing recruitment firm
A NEW Bristol-based recruitment company hopes to capitalise on chronic skills shortages and major Government spending plans to achieve a turnover of at least £8 million in its first year.
Fusion People was launched by a team of experienced recruitment professionals led by Paul Metcalfe and Chris Fenn in January this year, and provides permanent and contract staff to the built environment, including the building, property and engineering sectors.
As well as its Bristol office, the start-up firm is establishing a national network of offices taking in London, Birmingham, Southampton, Manchester and Leeds, and already employs almost 70 people. Fusion People has received substantial funding from Lloyds TSB Commercial Finance through its senior regional manager, Peter Anderson.
Chris Fenn, the company's financial director, said there were also plans to open an Australian office early next year - by which time Fusion People aims to be turning over between £8 million and £10 million.
"The enormous skills shortages affecting whole sectors of industry here in the UK are well-known," said Chris.
"We are serving builders, architects and engineers, all of whom are desperately short of good quality people and in addition to having a presence in the major UK cities, that means we will be looking abroad.
"Both Australia and New Zealand are popular in our marketplace because they have traditionally provided the UK with a ready supply of highly-skilled, competent people, many of them may be taking a one or two-year working holiday.
"Overall the UK economy remains strong and we are well-placed in the long-term, both in terms of the Government's commitment to improving the road and rail infrastructure and its plans for a major housebuilding programme.
"We have banked with Lloyds TSB for several years now and Lloyds TSB Commercial Finance in particular have provided tremendous help, not only financially, but also strategically in terms of putting our plans into practice at a time when we had considerable overheads but no income.
"The relationships with both Peter Anderson of Lloyds TSB Commercial Finance and David Davidson, of Lloyds TSB Corporate in Southampton, have been crucial and we could not have launched the business so quickly without their input."
"Fusion People has a well-known and highly regarded management team which boasts a wealth of experience," added Peter Anderson.
"It was this, together with the fact that recruitment is a key market for us, that made the business such an attractive start-up prospect for Lloyds TSB Commercial Finance.
I have no doubt that Fusion People will become a major force within its field within a relatively short space of time."
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
