Recruitment company Keene and Lord have secured a £4 million funding agreement with the UK’s largest invoice finance provider, Bibby Financial Services (BFS).
The fast-paced and demanding nature of the recruitment industry means it can often be a challenge to recruit and retain suitable candidates for vacancies.
The current skills shortage, in the logistics and supply chain industries especially, makes the job even harder. Drivers are at a premium, with a current deficit of over 50,000 Large Goods Vehicle drivers. This shortage makes for a far more competitive landscape to attract the best drivers.
Despite these challenges, Keene and Lord has increased its turnover, growing from £3 million in 2011 to £15 million this year. Starting from a small office in Reading, the company now has six offices in the South, filling over 800 positions every week. As a result of specialist divisions in different sectors, Keene and Lord offers both temporary and permanent recruitment services nationwide.
Cashflow for Keene and Lord has always been fairly tight, as payment terms can be up to 90 days. This has meant that the company has relied on third-party funding for growth.
James Adams, Managing Director, Keene and Lord Ltd said: “Although we had many different investment options presented to us, we wanted a funding partner who would allow us to maintain control of our business.
“Bibby Financial Services offered a welcome alternative: a higher funding capacity than anyone else and an eagerness to see us grow.
“Our industry is fast-paced and we want to continue achieving the growth we have worked so hard for. We are still carving out our space in the recruitment landscape, but by partnering with BFS we will be able to cement our position as a competitive and innovative company.”
Kevin Craven, Corporate Director at Bibby Financial Services added: “We knew the pressure Keene and Lord were under to deliver timely solutions for their clients, and understood we had to be responsive to their needs.
“Working with Keene and Lord really highlights the importance of reliable cashflow for the growth and stability of businesses looking to invest and grow, particularly in a highly competitive market.”