BFS provides £650k funding package to Venian Group
Bibby Financial Services (BFS) has provided two funding facilities to businesses under the Venian Group of Companies. Venian Recruitment Ltd., a specialist recruitment company, has secured a £400,000 funding facility while Venian Warehousing and Distribution Ltd., which offers storage solutions, has been provided with a £250k funding line.
Venian Recruitment, which has offices in Wakefield and Nottingham, was established in 2016 and specialises in recruiting for roles in the Construction and Transport sectors, predominantly across the North of England.
The £400,000 funding facility, structured by the BFS’s team in Bradford, provides Venian Recruitment with the working capital they need to make payments whilst growing the business. By freeing up cashflow, the team can focus on seeking acquisitions to support their growth strategy, aiming to double their turnover in the next 18 months.
Howard Slinger, managing director at Venian Recruitment Ltd., said:
“The BFS funding will ease cashflow and allow us to focus on the day to day running of the business. When it came to structuring the facility, the team’s commercial approach meant they could meet our funding needs, when other providers couldn’t.
“We were blown away by the service and clear communication throughout the process. Having a local BFS office nearby was a huge bonus, it meant we could get to know the team and make decisions much faster.”
Established in 2015, Venian Warehousing and Distribution Ltd. is a sortation and final mile distribution business providing sortation and delivery solutions for some of Europe’s largest organisations. It operates a network of warehouse facilities strategically located across the UK, enabling its clients to fulfil delivery commitments to their customers. The business’s current turnover is £2.7m, the £250k funding line provided by BFS will enable the company to take on more business and meet its turnover goal of £4m in the next 12 months.
Adrian Smith, director at the Venian Group, said:
“We were impressed by BFS’s personal approach and ability to quickly get to the heart of our business. They took the time to understand our requirements and were able to structure a facility that other lenders haven’t been willing to.
“The funding has opened up our cashflow capabilities so we can now focusing on achieving our ambitious targets. Since partnering with BFS we haven’t looked back.”
Ian Hayes, business development manager at Bibby Financial Services, said:
“Venian Recruitment and Venian Warehousing and Distribution are both ambitious businesses serving established customers across the UK. We’re delighted to be able to support the companies in unlocking the working capital they need to focus on growth. We look forward to seeing them flourish in 2019 and beyond.”