By Marcus Leach
Specialist IT recruitment agency, Venturi Ltd, has secured £300k of financing through independent Invoice and Asset Based Lender, Venture Finance.
The facility, incorporating Factoring and Bad Debt Protection, will enable the Wilmslow-based company to grow rapidly into its second year of trading. As a result of the funding, the recruiter has increased its staff by more than 60 per cent and moved from a managed service office to its own premises in Wilmslow.
“Invoice finance is a vital part of running our business, but our previous provider wasn’t giving us the best service and financial support. Venture approached us at just the right time, providing us with extra funding and bad debt protection, enabling us to hire more staff and improve our back office systems," Brad Lamb, managing director at Venturi Ltd, said.
“The funding has had an extremely positive influence on our business, helping us to keep clients happy with more flexible, regular payments. It has also helped us double our turnover to over £3m putting us in a great position for future recruitment and growth.”
The new facility is more than twice the size provided by Venturi’s previous lender. The company can also access more money upfront from its invoices providing vital working capital for growth.
Nick Russell, business development manager at Venture Finance, comments: “It’s exciting to support a dynamic small business with as much growth potential as Venturi Ltd.
“Venture was able to get the ball rolling quickly by helping Venturi to pay its previous provider’s exit fees. We can now give the company rapid access to working capital, allowing them to seize any growth opportunities that come along.”
Join us on