V7 Recruitment, a Manchester-based specialist recruitment agency, has secured a new, flexible £2.8m asset-based lending (ABL) facility from Cynergy Business Finance (CBF).
The firm provides bespoke services to a range of industries including aviation, construction, utilities and fire & security. The last year has proven to be pivotal for V7 Recruitment. The business moved to a new, larger office space on Lever Street in Manchester at the beginning of 2022, providing additional capacity for its growing team. The business has also continued to rapidly expand its team in 2023, increasing to over 20 people.
The business also completed a management buyout during 2022. Providing a renewed focus, the buyout will enable the team to continue expanding internationally, bolstering its current German office, along with plans to expand into the US by 2027.
Despite the coronavirus pandemic impacting business operations due to a downturn in demand, V7 Recruitment has continued to experience sustained growth. The business is expected to turnover £14m in FY23, with the goal of achieving £20m in FY24.
To help achieve this growth milestone, the business required additional cashflow support to increase sales and profitability and expand its service offering. The blended approach by CBF allowed the business to secure £300,000 of cashflow loan support, as well as a £2.5m ABL facility.
Steve Whiston, managing director at V7 Recruitment, said: “The last year has been one of exceptional growth and change for V7, and this latest funding package is an exciting milestone that signals the next step for the business. This funding enables us to increase our cost base while supporting our fantastic team.
“Working with the CBF team was seamless. Dan and the rest of the team shared our core values, ensuring alignment throughout and ultimately leading to a flexible facility that could cater to our changing needs. The next few years will be pivotal, and I look forward to seeing where we head next.”
Dan Burton, executive director at Cynergy Business Finance, added: “V7 Recruitment stands at the very front of innovative, ambitious businesses in our region. Having already experienced substantial growth, we were able to work with Steve to build a unique facility that would leverage the businesses existing capabilities. We are excited to see the business go from strength to strength and continue to provide market leading support.”