British Aldermore Bank has announced the provision of invoice finance to Skipper Recruit, a Norwich-based HGV recruitment firm.
At a value of £200,000, the invoice finance facility enables Skipper Recruit to expand and achieve its growth plans.
The financing, which includes Bad Debt Protection, was described as “invaluable” by Danny Skipper, founder and managing director of Skipper Recruit
Founded in June 2020, in the midst of the pandemic, the business helps to supply HGV drivers and logistics personnel to general and specialised haulage sectors across Norfolk, Suffolk, Essex, and the Midlands.
The firm has a team of around 30 – 50 drivers alongside a varied client base, including small local businesses, national retail chains and large distribution firms.
Over the last twelve months, the cash reserves of many British SMEs have been run down, as a result of the difficult Covid-19 trading environment. Skipper Recruit, alongside numerous other firms have subsequently turned to bank facilities, such as invoice financing, in order to continue trading.
Commenting on the significance of the finance for the firm, Skipper continued: “It’s enabled us to operate smoothly and run the business with more confidence. Our facility has also grown as we’ve hit our targets which has helped us expand too. The team at Aldermore have been incredibly responsive and helpful all the way through.”
Aldermore was founded in 2009 as a specialist provider of finance to SMEs.
The bank describes itself as offering “simple financial products and solutions to meet the needs of homeowners, landlords, savers and small and medium-sized enterprises.”
Hugo Hanlan, relationship manager at Aldermore, said: “We’ve been delighted to work with Skipper Recruit and see it grow through its early stages. The business works to clear targets and has developed its understanding of the working capital it needs for further growth. It’s well-positioned for the future and we’re pleased to be able to support it.”