Zarah ChoudharyA Bishop Stortford-based recruitment company, which specialises in placing candidates into the construction and civil engineering sectors, is driving business growth due to a £350,000 funding solution.
Invision Recruitment which provides permanent and temporary workers, is utilising the invoice discounting facility from Skipton Business Finance to increase the number of permanent roles, ranging from site management positions up to board level placements.
Currently placing a ratio of 30/70 temporary to permanent positions, the plan is to shift the balance to 50/50 split in 2025.
However, the change of emphasis will create a strain on cashflow due to longer invoice payment terms with larger clients, and additional placements, which could potentially restrict the company’s growth.
Invision, which was established in 2009 by Stephen Knight and Nicky Smith, therefore turned to nationwide capital solutions provider.
Skipton Business Finance provided the company with an invoice discounting facility to free up cash tied up in invoices, to help achieve its ambitious growth plans.
The facility, which includes bad debt protection, means Invision Recruitment can access up to 90% of the invoice value the day it is raised, which will provide it with the working capital to meet its new objectives.
Stephen Knight, managing director at Invision Recruitment, said: “We found it difficult when we discussed our plans and funding needs with mainstream lenders, as they made the process so complicated, whereas Skipton Business Finance ensured it was simple and fast.
“We are in an exciting growth period and invoice discounting is perfect for our business, as we can access funds from invoices straight away, rather than having to wait as long as 90 days to get the money.
“The bad debt protection facility also gives us peace of mind, as it guards the business against any potential losses which could impact on the business.
“With cash freed up, we are now able to help more candidates in finding full time work in the construction industry.”
Ian Jones, regional sales director for Skipton Business Finance in the South East, said: “We’re thrilled to support Invision Recruitment as they work towards expanding their permanent placements.
“By providing a flexible funding solution, we’re enabling them to focus on growth and strengthen their long-term strategy.
“At Skipton Business Finance, in fact the whole of the Skipton Group, we’re passionate about helping businesses like Invision unlock their potential, and we look forward to seeing their continued success.”
