News Release
Launch of first recruitment finance division in UK
TODAY (17th September 2007) sees the launch of the first Recruitment Finance Division dedicated to UK staffing companies.
Lloyds TSB Commercial Finance is bringing together expert staff from across its existing businesses into one team to provide specialist financial advice and services to recruitment companies of all sizes, and in all sectors.
The new division will service around 15% of the total recruitment companies in the UK, and offer a product portfolio consisting of invoice discounting and factoring plus payroll finance from CashFriday.
Companies funded by the Recruitment Finance Division will also be able to tap into the retail, business and corporate banking services offered by Lloyds TSB in the future.
Paul Saunders, Director of the Recruitment Finance Division, says: “The recruitment industry is one of the most dynamic sectors in this country. There is a high volume of start-ups and significant level of merger and acquisition activity, plus one of the most challenging legislative environments in which to operate.
“To be able to provide the right financial solutions you need to have an in-depth understanding of that operational setting. Our belief is that you can only achieve this by providing managers who are solely dedicated to the recruitment industry.”
Some of the key benefits of the new division will be the more effective sharing of best practice amongst teams, bigger economies of scales due to the aggregation of buying services, and greater connectivity with other specialist advisors.
“The combination of our CashFriday brand, which understands the weekly rhythm of payrolling temporary workers for over 400 clients, with 40 years experience in asset based lending will offer recruitment companies the reassurance they are getting the best advice and service possible,” Saunders concluded.
