A recruitment business specialising in providing temporary staff to the industrial, transport and logistics sectors has partnered with Optimum Finance to meet its cashflow challenges and deliver funding for growth.
Meeting payroll obligations on a weekly basis for temporary staff and having to wait two months to be paid by the client leaves a large hole in the cash flow.
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Invoice Finance is a method of cashflow funding that uses receivables (invoices) as the principal asset against which money can be raised. Optimum Finance pays Right Staff an agreed percentage of the invoice value as soon as it is submitted, driving access to liquidity at the point of invoice as opposed to needing to wait.
“It’s the nature of temporary recruitment that we have to pay out before we get paid ourselves,” Cameron Santoro, director of business operations, explains.
“Typically, temp staff are paid weekly, but we have to wait 60 days for the client to pay our invoice. That puts a huge pressure on cashflow and also stifles our ability to grow.”
“It was literally five working days from our initial discussion, through due diligence to an offer. Since then, we haven’t looked back. The fees we pay are competitive, and any issues we encounter are immediately dealt with.”
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By GlobalDataOptimum Finance advances 85% of the invoice value with access to up to £500,000 at any one time.
“Previously, growth was hampered by simply not having the cash,” Santoro said. “But with Invoice Finance, the more business we generate, and the more invoices we raise, the more cash we can access. Optimum Finance has also been very supportive in increasing our facility when the business dictated it, and in addressing any concerns or issues we might have.”
Right Staff was an early customer of Optimum Finance and continues to be one of its largest clients. Within the Group, Right Staff also has a further recruitment business, two transport and logistics businesses, and a construction business. All benefit from the support of Optimum Finance.
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