Cambridge recruitment firm gets funding solution for growth
A second funding deal in 18 months for Huntingdon-based recruitment firm CJ Logistics Solutions, brokered by Reach Commercial Finance, has delivered a six figure injection of working capital and a similar increase in the firm’s existing invoice finance line.
The new deal, secured by the leading brokerage firm, will help the business to manage increased demand and fund a planned office move for 2021, delayed by Covid.
Set up in 2015 CJ Logistics Solutions specialises in the recruitment of high quality HGV, van and warehouse drivers across the UK. Sourcing both temporary and permanent staff the firm has quickly established itself as an experienced and reliable recruitment partner for a range of clients in the logistics sector.
A sister business – CJ Employment Solutions – focuses on permanent senior appointments for general commercial firms, providing roles in administration, customer services, purchasing and accounts.
After successful sourcing an alternative funding solution in June 2019 Reach stepped in again to meet a new brief from the ambitious firm – and all delivered within five weeks. The deal involved access to a six-figure sum of working capital, using a CBIL, and, via Bibby Financial Services, an increase to the existing invoice finance credit line.
Phil Trueman from Reach commented: “Having a good existing relationship with the company and understanding its operations – not least its continuing good payment history on existing lending – enabled us to prepare a strong case to both the CBIL panel and Bibby and complete the deal in record time.”
Director James Stenton said the advisory and pace of work from Reach had been first class and delivered another excellent cash flow solution. “It very uncertain times it has given us the confidence to take some new steps as a business, increasing activity and planning a major relocation in the new year.”
