Liverpool city region start-up recruitment firm Simply Recruitment Group secures £500,000 credit facility as it projects first-year turnover of £5m. Tony McDonough reports

St Helens-based start-up venture Simply Recruitment Group is on track for revenues of £5m in its first year and has secured a £500,000 credit facility for working capital.

Simply Recruitment Group was established by sole director, Paul Oakes, who operates a group of existing businesses, including an electrical engineering company.

Paul identified an opportunity to establish a recruitment company alongside other parties experienced in this sector and others, including hospitality, engineering and construction.

Via his bank, he was introduced to Wirral business finance specialist, Bathgate Business Finance. They introduced Paul to a number of potential funders. A specialist in the recruitment sector, Zodeq, was chosen and simply had the cash in six days.

As part of the deal, the funder also agreed to increase the overall limit to accommodate the increase in sales forecast in the next 12 months.

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Paul Oakes said: “At that point we started looking for funding, speed and an understanding of the potential of our business was vital.

“Bathgate and Zodeq grasped this quickly and worked closely with us to find a solution that could meet our time constraints and support our projected growth. We now have a facility that will support our current working capital needs and grow with the business.”

Bathgate BDM, Paul Trickett, added: “When we were introduced to the client, he was self-funding initial sales running at £40,000 per week, so speed was of the essence to meet the working capital requirements that were critical to growth.”

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