Ultimate Finance’s £500k invoice finance facility helps Edinburgh recruitment company
Edinburgh-based Peace Recruitment Trades and Labour, which predominantly supplies temporary contractors to the construction trade, is on target to turn over £1.8m, an increase of 50% from the previous year, and create new jobs, helped by a £500k invoice finance facility from Ultimate Finance.
The company, which is an offshoot of Peace Recruitment, was set up by Tamara Jaberu and Chris Peace in 2012 and now has over 6000 contractors registered with them, regularly placing up to 200 at a time with major contractors, housebuilders and civil engineers within Scotland.
Following the impressive growth, it is now looking to recruit new members to its own team.
With the contractors having to be paid on a weekly basis, and its clients taking up to 60 days to pay, there was a huge pressure on cashflow.
Through the new facility, the client invoices are paid by Ultimate Finance almost as soon as they are issued, enabling Peace Recruitment Trade and Labour to continue to grow the business by supplying contractors to even more companies.
Speaking about the success of the company, Tamara said:
“We are proud of what has been achieved in the four years since we started. Each year we have grown the business but this year has been phenomenal.
“Our reputation for matching the right candidates with the correct skills for each job meant that more and more companies were approaching us for contractors.
“However, we had to turn some work down because we didn’t have the large cash reserves needed to pay the people we had placed within seven days and then have to wait months for our invoices to be settled.
“In addition to enabling us to take on more clients, Ultimate Finance also provides debt protection, as well a credit control service. This allows us to concentrate on the side of the business we know best.”
Lynsey Innes, regional director of Ultimate Finance in Scotland, said:
“Tamara and her team have built a fantastic business which was being hampered by cashflow problems caused by their own success. We had no hesitation in providing the invoice finance facility to enable the company to take on more work and we look forward to supporting them as they go from strength the strength.”
Photo caption, left to right: Tamara Jaberu, director of trades & labour at Peace Recruitment, Lynsey Innes, Ultimate Finance and Chris Peace managing director at Peace.
