Funding deal provides new growth opportunities for staffing agency
A funding deal with RBS Invoice Finance has opened up a wealth of growth opportunities for local staffing agency XL Staff Solutions, according to owner Nathan Geen.
The Warmley based recruitment specialist has recently secured a £125k invoice discounting facility which is enabling the company to focus on expansion at a much faster rate than the previously self-funded organisation had been able to.
XL Staff Solutions specialises in supplying a variety of workers to firms in the construction, engineering, financial, IT, logistics and office based industries. In addition to providing traditional search and placement services to its customers, XL also offers a more complete, hands on staff solution for companies wishing to outsource elements of their business.
The firm began trading in November 2012 and has grown steadily during that time. Turnover during the last 12 months has reached £1.4m and is expected to increase to £2m this year. The firm employs six full time members of staff.
Having worked with XL Staff Solutions since inception, NatWest senior relationship manager Daniel Andrews recommended that the company consider alternative funding solutions to support its ongoing growth aspirations. Owner Nathan Geen was introduced to Victoria Wells from RBS Invoice Finance and Todd Auger from the bank’s asset finance division Lombard. Both teams were able to provide flexible tailored packages to assist growth which included an invoice discounting facility to support working capital as well as a £55k credit line to support the purchase of fleet vehicles for its driving and logistics department.
Nathan Geen, managing director of XL Staff Solutions, said:
“I am thrilled with the facilities we have secured with RBS Invoice Finance and Lombard. We weren’t actively seeking funding as the business has been able to support itself since we were established, but once Daniel introduced the idea and I saw the benefits presented I knew that they would provide us with greater stability to go out and secure more business.
“We have already taken on two large new contracts as a result of the deal and I now have plenty of confidence to focus on our growth strategy knowing we have the platform behind us to support.
“I wish I had known and understood the benefits of invoice discounting much sooner as I feel the company could have achieved much faster levels of growth had we had the facility in place from the start.
“Daniel, Victoria and Todd have provided an excellent all-round service. I feel they really put the customer first and we have built a great relationship. It has been really refreshing to work with an organisation where three different business units have pulled together to provide a truly great service. I now feel the business is ready for the next phase of growth and really excited by what lies ahead for us all.”
The deal team included Victoria Wells, relationship manager at RBS Invoice Finance, Todd Auger, senior relationship manager at Lombard and Daniel Andrew, senior relationship manager at NatWest.
Victoria Wells, RBS Invoice Finance said:
“We are delighted that we have been able to support Nathan’s exciting growth plans. A big part of what we do as a bank involves working closely with our customers to understand their ambitions so that we can then structure the most suitable funding package across our different departments to enable them to fulfil their potential.
“The package we have provided will enable the company to focus on expansion and investment of its own assets. Nathan has a great deal of passion and foresight for his company and we are looking forward to continuing to work together to secure its growth in the future.”
