Invoice finance provides funds for IT recruitment company

Having historically sourced funds from a large high street bank for their invoice finance facilities, the IT recruitment company was left short when the bank asked them to find a new provider as it was unwilling to provide additional finance due to the company’s high concentration of invoice debt from a single supplier.

The business, with £1m turnover, turned to PFC to help them find new routes to finance.  PFC applied to their panel of lenders for funding and selected Aldermore as the company is proven to fund businesses even if the company has a single large debtor that accounts for 100% of ledger.  At 90% pre pay this generated fast extra funds for the client, while also reducing costs.

The quick release of funds against invoices allowed the IT recruiter to expand its business and double turnover within 1 year.