Evolve Business Finance secures multi-million deal to grow recruitment firm
Major Recruitment has built an impressive business over more than 30 years, growing into a national multi-sector recruiter with a £100m turnover and thousands of temporary workers on its books each week. As the business continued to grow and invest in new areas, it wanted a funding line that could support that ambition. Evolve Business Finance worked closely with the team to secure a multi-million-pound confidential invoice discounting facility with Sonovate giving the business the working capital it needed to keep moving forward.
Major Recruitment has been placing people into work since 1992. What began with three staff and one office in Leeds has grown into a national recruitment business with offices from Aberdeen to Ashford and Bristol. The group works across a wide mix of sectors including industrial, logistics, oil and gas, engineering, health and social care and permanent office roles. Its core business centres on blue-collar temporary staff, supplying labour into firms across the UK. Today, the business employs around 240 internal staff and manages weekly payroll for around 3,700 temporary workers.
Cashflow is a key part of any recruitment business. Weekly payroll often needs to be met well before client invoices are paid, so having the right funding in place can make a real difference. As Major Recruitment continued to grow, it needed a facility that could support that growth, keep cash moving through the business and give it room to invest in systems, new ideas and future plans.
The business needed a lender that understood the recruitment sector and could provide funding at the scale required. Finding the right structure was important to support both day-to-day trading and longer-term growth. After being introduced to Evolve, Stef Radymski spent time getting to know the business, how it worked and what it needed. That meant looking past the headline numbers and understanding the moving parts behind a large recruitment payroll.
Evolve quickly identified that this needed a specialist funding solution and introduced Sonovate as the right fit. Working closely with the lender and the Major team, Evolve helped guide the deal through to completion, securing a confidential invoice discounting facility. The new line gives Major Recruitment extra room to support day-to-day trading, invest in new ideas and keep building on its recent success, including its Recruiter Awards win for Best Client Service Delivery.
Stef Radymski, director at Evolve Business Finance, said: “Major Recruitment is a brilliant business with a great team and a clear plan. It was important to take the time to understand how the business works and what it needed then find the right lender to support that. Recruitment funding can be very specialist and getting the structure right makes a huge difference.”
Phil Bottomley, CEO of Major Recruitment, said:“Stef was great to deal with from the start. He took time to understand the business, was easy to get hold of and brought in the right people quickly. He knows the market well, has useful contacts and made the whole thing far easier than our past experience. We’d happily work with him again and would recommend Evolve.”