Clients' turnover in the market sees an increase by almost 20% this year
The Recruitment Finance Division lends to over 1,300 UK recruiters whose annualised gross turnover now exceeds £4 billion. While overall client numbers have dropped slightly in the last 2 years, this has been balanced by a marked increase in clients’ turnover.
The Recruitment Finance Division of Lloyds TSB Commercial Finance was set up in January 2008, at that time capturing 7% of the market. Even throughout the recession lending remained solid with the division growing its market share year on year. In March 2010, just three years after it was formed, the Recruitment Finance Division had won a 16% share of the market.
Stuart Talbot, head of the Recruitment Finance Division of Lloyds TSB Commercial Finance, commented: “We’re delighted to be working with such a wide range of UK recruiters supporting their finance needs. I believe we remain unique amongst the high street providers supporting our clients with all types of invoice finance, from a full back office and payroll function through to providing invoice finance to multi million pound businesses. There are still likely to be many challenges in the market facing UK recruiters in 2011 and it will be hard work for many firms, but we remain committed to working with our clients wherever possible and looking to grow our position still further.”
Mario Mazzocchi, head of Specialist Operations and Sectors at Lloyds TSB Commercial Finance, said: “It’s great that so many UK recruiters see us as the clear market leaders when it comes to lending. We obviously have to remain mindful of the different requirements of such a wide number of businesses in a variety of sub sectors, but I’m proud of the way in which the team try to work with our clients to enable us to continue to push ahead in the sector. As the UK seeks to emerge from the recession, recruitment consultants play an important role in helping those businesses seeking additional employees to access them, so it is important that they are helped to receive the right kind of finance to match their business needs.”