Secure Trust Bank Commercial Finance has provided an invoice finance facility of £1.5m (2.03m) to Corr Recruitment, a UK recruiter specializing on the transport and industrial sectors.
According to Corr, the facility will be used to support the firm’s expansion plans, as well as freeing up vital cash flow that will enable the company to finance other areas of the business.
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Over the last three years, the Corr has boosted its turnover by 57%, rising from £3.5m to £5.5m. The firm is now set to reach turnover of £11m by the end of 2016, with a target of £8.9m set for the end of this year.
Daniel Corr, director at Corr Recruitment, said: "At a time when the fresh produce markets are experiencing strong year-on-year growth, it is the perfect time for our business to break in to this industry. The funding will keep us on track to reach our turnover and expansion targets, with our new sites broadening our geographical reach, enabling us to place more skilled workers in local businesses across the country."
This is the third invoice finance facility that Secured Trust Bank has provided to recruiters this year, having previously provided £250,000 to Red dot Recruitment and Circle Square.
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