Leicester-based Accept Recruitment, which supplies temporary staff for transport and industrial companies, is on target to grow its turnover to £2.5m having started just 18 months ago.
Mark Pearce and Chris Moore were encouraged to set up on their own by a client they worked with previously.
Accept Recruitment has been backed from the outset by SME funder Ultimate Finance which supplied them with a £250,000 invoice finance facility.
Today, Accept Recruitment supplies more than 30 companies with up to 350 temporary workers a day to cover jobs including goods vehicle drivers, forklift operators, machine operatives and pickers and packers.
The company is now planning to expand further by opening a new branch in Milton Keynes and is currently recruiting additional staff.
Ultimate Finance explains that such rapid growth would have been difficult without the facility as the temporary workforce has to be paid on a weekly basis, even though Accept Recruitment’s clients can take up to 60 days to pay, causing a huge strain on cash flow.
Invoice finance helps to bridge this gap as client invoices can be paid almost as soon as they are issued, enabling Accept Recruitment to continue to grow the business by supplying workers to even more companies.
Pearce said: “We were flattered when a client suggested we should set up on our own as they believed we would be really successful. It proved to be just the encouragement we needed and we are pleased to have fulfilled the confidence they had in us.
“We are extremely grateful to Steph Brown and the team at Ultimate Finance who saw the potential for the company and were prepared to provide us with the necessary finance which helped us massively to build our business to where it is today.
Regional director at Ultimate Finance, Steph Brown, added: “When Mark and Chris presented their business plan I quickly recognised that they had the right experience, contacts, management skills and financial acumen to make the business a huge success.
“It is great to see 18 months later that they have built such a fantastic business, with even more work in the pipeline, and we look forward to continuing to support them as they go from strength the strength.”