Recruitment Finance helped ease the financial pressure of taking on large contracts
The current economic climate has made it difficult for businesses of all sizes to grow, but with the help of the Recruitment Finance Division of Lloyds TSB Commercial Finance European Vision Recruitment Ltd. (European Vision), a recruitment firm specialising in temporary multi-lingual skilled workers, has successfully opened new offices in both South America and Europe during 2010.
In 2009, just two years after the business was established, European Vision approached the Recruitment Finance Division for help with its cash flow management. The business had recently seen an influx of large contracts, including one to provide up to 250 candidates following the swine flu pandemic. The business at the time was still in its infancy and did not have the liquidity necessary to service such large contracts. However, it did not want to miss out on key business opportunities and so approached Lloyds TSB Commercial Finance for help.
The specialists at the Recruitment Finance Division devised a personalised factoring facility of up to £150,000 to suit European Visions needs and helped to ease the financial pressures of taking on large contracts. After successfully agreeing terms and putting the facility in place European Vision felt more confident, comfortable and happy to take on large contracts.
Since putting the facility in place European Vision has gone from strength to strength taking on a number of new large contracts wins, which in turn has enabled the business to grow and expand. The facility has helped European Vision to open offices in both South America and Europe during 2010 and its ambitious growth plan is set to continue into 2011 with office openings planned for Germany, Holland and the UK (outside London).
Grant Stanley, client relationship manager at the Recruitment Finance Division of Lloyds TSB Commercial Finance, said: “It has been a pleasure working with European Vision and watching the business grow from a start-up to a multinational company. Cash Friday and invoice finance are perfect for companies like European Vision as they offer the flexibility and confidence that growing businesses need in order to be able to take on large contracts and continue to grow the business.”
Francisco Labbe, managing director of European Vision Recruitment Ltd., comments: “Working with Lloyds TSB Commercial Finance has been very straight forward, stress free, quick and easy. From agreeing the terms to receiving the funds in our business account took just two working days. The paper work was painless and our client credit checks were completed very swiftly. The fast turnaround meant that I could get on with running the business and not have to worry about the finances and whether or not we could take on potential new business.
“We are extremely excited about the direction in which European Vision is moving. We have expanded rapidly during 2010 and plan to continue this into 2011 with the opening of new offices in Germany, Holland and the UK during 2011. This rapid progress would not have been possible without the flexibility of the factoring facility provided by Lloyds TSB Commercial Finance.”