EFE is the preferred option for leading recruitment company
Enterprise Finance Europe (EFE), the solutions-driven asset-based lender, has put in place a multi million pound confidential invoice discounting facility to help leading IT recruitment consultancy Preferred IT continue its rapid expansion throughout the UK.
Established in 1998, Southampton-based Preferred IT provides specialist temporary staff to a broad range of businesses from start-ups to blue chip companies. Formerly known as Preferred International, the company, which also has a base in Leeds, currently turns over in excess of £10m.
Twice listed in the Virgin Fast Track 100, this award-winning company, is headed up by Directors Nick Daniels, Kathleen Smith, Gordon Watson and David Clayden, who between them have over xx years experience in the industry.
An Investor in People company, Preferred IT turned to EFE recently to see if it could provide a more flexible financial solution than its previous lender to help meet the costs of expanding the business further over the coming 12 months. EFE was able to put in place a £2.5m confidential invoice discount facility within a matter of weeks.
Says Richard Preston, Director of New Business, EFE: 'We have a long history of working with companies in the recruitment industry and were delighted when we were invited to provide a confidential invoice discounting facility to a firm of the calibre of Preferred IT. We are confident that the funding package we have put together will give them the additional capital they require to fund their continued growth not just on the South Coast but across the UK as a whole.'
Adds David Clayden, Director, Preferred IT: 'The company has been enjoying continued growth of late and we required additional working capital, over and above our existing funding, to meet those costs. EFE has been more than happy to help and the facility that has been put in place substantially increases the finances available to the business as we look to make further inroads into the IT recruitment market.'
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