West Kirby-based business finance specialist, Bathgate Business Finance, has secured a £500k deal to support the growth of St Helens based start-up, Simply Recruitment Group Ltd.
Bathgate was introduced to the firm by its bank to help source a critical working capital facility to fund the firm’s significant growth to a projected £5 million turnover in its first 12 months.
Simply Recruitment Group Ltd was established by sole director, Paul Oakes, who operates a group of existing businesses, including an electrical engineering solutions company. Paul identified an opportunity to establish a recruitment company alongside other parties experienced in this sector and others, including hospitality, engineering and construction.
Bathgate Business Finance BDM, Paul Trickett, said: “When we were introduced to the client, he was self-funding initial sales running at £40k per week, so speed was of the essence to meet the working capital requirements that were critical to growth.”
After reviewing the business and gaining an understanding of Simply Recruitment Group Ltd’s future plans, Bathgate introduced the firm to a number of potential funders. Zodeq, a specialist in the recruitment sector, was selected and the £500k facility with credit protection was approved and paid out within six days of the initial introduction.
As part of the deal, the funder also agreed to increase the overall limit to accommodate the increase in sales forecast in the next 12 months, providing flexibility to the client as the business grows.
Paul Cooney, Managing Director at Zodeq, said: “We are delighted to be working with Paul and the wider team at Simply Recruitment as a local Agency located in the North West. As a Specialist Recruitment Sector Invoice Finance business, the opportunity to support Simply was right in our sweet spot and we are delighted to commence our Facility with the initial limit to support the business which has since been increased to provide strong headroom for them in the future.
“Our thanks go to Paul Trickett and the Bathgate team for their usual high knowledge of ensuring their clients are matched with the right funding partner which is the case here. We look forward to a long relationship with this fantastic group of businesses.”
Paul Oakes, Director at Simply Recruitment Group Ltd, said: “At the point we started looking for funding, speed and an understanding of the potential of our business was vital. Bathgate Business Finance and Zodeq grasped this quickly and worked closely with us to find a solution that could meet our time constraints and support our projected growth. We now have a facility that will support our current working capital needs and grow with the business.”
The deal is a further demonstration of Bathgate’s award-winning support for SMEs and its commitment to service excellence. In September 2023 it was named winner in two categories at the prestigious NACFB Commercial Broker Awards 2023 – the SME Champion and Service Excellence award – and in October 2023 won Professional Services Business of the Year at the Merseyside Independent Business Awards (MIBS).
For more information about Bathgate Business Finance or to find out more about its asset finance and own-book lending visit bathgatebf.co.uk, call Paul Trickett on 07469 140 180 or email paul@bathgatebf.co.uk