Skipton Business Finance secures finance facility for £150k turnover recruitment firm

A recruitment business in Kent is set to boost its turnover having secured an invoice finance facility with Skipton Business Finance.

Blue Mountain Recruitment is a family-run recruitment business, established in 2007. The business has operated on a small scale but has recently experienced a boost in growth.

Since April 2018, the business has seen its turnover increase and has subsequently grown its team. Within this period, the business saw its turnover increase from £50k to £150k by April 2019, using its own funds.

In order to keep up with this rapid period of growth, the business decided to begin funding with Skipton Business Finance.

The Invoice Finance facility will allow the business to access up to 90 per cent of the value of an unpaid invoice. The facility means that the business is now able to expand its team and allow for the projected growth to continue.

Marilena Panaite, director at Blue Mountain Recruitment, said: “By having an Invoice Finance facility in place, we are now able to continue the growth of our business, without the strain of cashflow.

“It is a very exciting time for the business, as we have already experienced such a rapid period of growth but are now looking forward to seeing how our business can grow further.”

Skipton Business Finance Limited, a wholly-owned subsidiary of Skipton Building Society, is a factoring and invoice discounting company. It was established in 2001 and provides financial products including invoice factoring and invoice discounting.

Paul Bowden, regional sales director at Skipton Business Finance, added: “We put a facility in place for Blue Mountain Recruitment to support the business through an expected growth in turnover.

“It is great to be able to support a business like this through such an exciting period of growth.”