Recruitment Finance advice, support and guidance is key to success

Fusion People is one of the largest independent recruitment consultancies in the country, employing over 200 people with a turnover in excess of £40 million. This business success has been helped by the company’s long-term relationship with the Recruitment Finance Division of Lloyds TSB Commercial Finance, which has supported the recruiter’s finances since 2004 when Fusion People was launched.

At that time the company’s directors went to a variety of high street banks looking for not only finance but also, crucially, business support and expertise within the recruitment sector. Lloyds was the only bank able to demonstrate its dedicated recruitment expertise, and so was chosen as the banking provider for Fusion People.

A confidential invoice discounting facility was put in place to allow Fusion People the resource to grow and expand substantially, often through acquisition and moving into different sectors, including IT and financial services.

However, one of the biggest benefits to Fusion People of working with the Recruitment Finance Division of Lloyds TSB Commercial Finance only became apparent when the recession hit and the company’s growth slowed.

Chris Fenn, financial director at Fusion People, said: “We’ve always had a good relationship with Lloyds as they were the only bank with real sector expertise and dedicated staff who understand recruitment. However, the true benefit of this only really hit home during the down-turn when business became much harder. Lloyds’ advice, support and guidance during this period really was first class. They are clearly experts within the sector but they also stand by you in the long-term, and it’s this which we really value. I recommend them to lots of people precisely because they’ve helped support our business so much.”

Stuart Talbot, head of the recruitment finance division and the main client relationship manager to Fusion People, commented: "It was great to be able to work with the business during its early years and growth. Like many they were hit hard during the recession but with a really strong business model they were able to come through that and are now fantastically well placed to benefit from the many opportunities that the short/medium term might bring. This is primarily due to their strong and dedicated management team, not only in terms of expertise but also their willingness and desire to work in partnership with their many advisors."