LANARKSHIRE RECRUITMENT FIRM ON TRACK FOR 50 PER CENT TURNOVER BOOST
Summary: Ten Live Ltd, a Lanarkshire recruitment firm, is on track to boost turnover by 50 per cent in the next year after securing a factoring facility from Lloyds TSB Commercial Finance.
LANARKSHIRE RECRUITMENT FIRM ON TRACK FOR 50 PER CENT TURNOVER BOOST
Summary: Ten Live Ltd, a Lanarkshire recruitment firm, is on track to boost turnover by 50 per cent in the next year after securing a factoring facility from Lloyds TSB Commercial Finance.
The local economy is showing signs of recovery and the demand for staff has risen, as a Lanarkshire recruitment firm is set to increase turnover by 50 per cent to £3.75 million in the next year, after securing a factoring facility from Lloyds TSB Commercial Finance.
Ten Live Ltd, based in Coatbridge, was established in March 2010 by four recruitment professionals who possess over 40 years of experience between them.
Currently employing nine people, the business sources both permanent and temporary staff for local companies operating in the distribution, manufacturing, industrial and engineering sectors.
The firm, which generated a £1 million increase on forecast turnover in its first year of trading, found demand was high for its services as the economy recovered, and so approached Lloyds TSB Commercial Finance for a cash flow solution to capitalise on growth opportunities.
The funder provided Ten Live with a factoring facility, which is leveraged against the value of its issued invoices to provide a steady, dependable cash flow. This assists the business during peaks and troughs which are inevitable when dealing with a variety of industries operating with different seasonal requirements.
Now Ten Live is on track to increase turnover to £3.75 million in the next year and take on four new members of staff by the end of 2012.
Gary Telfer, joint managing director of Ten Live Ltd, said: “Since we established the business 17 months ago, the demand we have seen for our services has surpassed all expectations.
“The distribution clients we provide staff for are particularly busy at the moment and to ensure our liquidity remains buoyant and able to cope with the gaps between paying wages and receiving payment from our clients, we decided to utilise the factoring facility from Lloyds TSB Commercial Finance
“As a result of this cash flow boost, we are now in a strong position to extend our reach across Scotland and expand into new sectors, as well as increase turnover.”
Rona Thomson, client manager at Lloyds TSB Commercial Finance, said: “Gary and his team work hard to go the extra mile for their clients and provide recruitment services 24 hours a day to support customers.
“It is fantastic to see a business, which was established in difficult economic conditions, pushing full steam ahead to capitalise on opportunities in the recruitment sector presented by a strengthening economy and local job market.
“The factoring facility we provided is ideal for a young company like Ten Live, as it is based on issued invoices and grows in-line with sales. This enables the firm to expand at its desired rate, without worrying about the impact of growth on cash flow and day-to-day running costs.”
The company was recognised at the Lanarkshire Business Excellence awards earlier this year, taking home the best new business accolade.
Joanne and Gary with Rona Thomson of Lloyds
It was such a great news to hear that a Client of Scottishjobsonthe.net in the News said that the economy is showing signs of recovery. I think that many business owners are happy to hear about this recovery. I also like this great news and I know that would give a great impact to my business.
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