Secure Trust Bank Commercial Finance (STB) has provided a £250,000 (352,160) facility to Red Dot Recruitment, a UK call centre staffing business, to help the recruiter diversify into new markets.
Warrington-based Red Dot Recruitment, which employs 10 staff, was established in 2013 and achieved turnover of £945,000 in 2014. STB said in a statement Red Dot expects strong growth in the coming months, with turnover expected to reach £2m this year.
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The focus for the business is to expand into the healthcare and construction markets. These sectors are currently buoyant in terms of recruitment, with the construction sector growing at an annual rate of 5.3%, alongside a huge demand for doctors, nurses and ancillary staff. With the additional funding, the business will be targeting a series of strategic acquisitions designed to capitalise on these growing markets.
Nick Hall has recently joined Red Dot as a non-executive director and is looking to acquire other small recruitment firms. He brings a wealth of experience, having worked in recruitment across a variety of sectors including manufacturing, driving and logistics and retail. Hall recently sold his stake in the £75m turnover recruitment business, Assist Recruitment. The business will continue to be led by owner Martin Warding.
Martin Warding, owner of Red Dot Recruitment, said: "There was a lot of red tape from our previous lender, which was restricting our growth plans. We have known the directors at Secure Trust Bank for a number of years and they have an excellent reputation within the market. Our new invoice facility is much more flexible, giving us the freedom to expand into new markets and help us double turnover next year."
