Recruitment consultancy finds cashflow solution with a personal touch
With more than 20 years’ experience in recruitment, Ben Hanley, founder and director of Enigma People Solutions, is an industry veteran. Starting his career in the placement of senior technical permanent hires, he founded Enigma People Solutions with an ambition to provide niche and high-end recruitment consultancy to deep technology businesses across the UK.
Since establishing Enigma in 2004, the business has gone from strength to strength. It is firmly established as a specialist supplier, recruiting the very best talent for the companies helping the UK become a world leader in deep technology. The company now has a dedicated team of recruiters who provide consultancy to electronics, hhotonics and semiconductor design clients throughout the UK and internationally.
As business volumes increased, it became apparent that Ben and his team needed additional administration and compliance support. Keeping these functions in-house had knock-on effects financially and in terms of efficiency. The business partnered with Bibby Financial Services for a £100k recruitment finance funding line in 2007.
In addition to funding, the recruitment finance solution provides businesses with the back-office support necessary to handle administrative requirements and complex legalities. Combined with a funding line, these allowed Ben and his team to focus their time on talent resourcing and growing the business. The funding line also helped Enigma ease its cash flow, manage its credit control and collect payments. Since then the relationship has developed significantly, allowing the business to prosper.
Ben Hanley, founder and director of Enigma People Solutions, said:
“My business grew to the stage that my team and I were spending a considerable amount of time either chasing payments or preparing payslips, which hindered our growth potential. It’s for this reason that having recruitment finance in place has had a significant impact on me as a business owner. Our timesheets and payments are all processed within the week, which has allowed me to separate business negotiation from credit control, and to focus on delivering the best service for our clients.
“We’ve been working with BFS for 11 years now and having previously received funding from a mainstream lender, I can confidently say the personal service that BFS provide is second to none. BFS genuinely care about Enigma and are invested in our continued success.”
Huw Marsden, relationship manager at BFS, commented:
“Ben and the team at Enigma are so passionate about what they do, and the length of the relationship has meant that we really understand the ins and outs of the business and how we can best support them.
“Being able to witness their growth first hand, and the difference that recruitment finance has made has been brilliant. Maintaining cashflow is important for any small business, but especially in the recruitment industry when you’re managing contract hires. It’s great to help Enigma break free from cumbersome tasks that recruitment firms so often face, such as timesheets and payroll returns, and allow them to focus on their growth strategy.”