Evolve secures invoice finance facility for Major Recruitment

Evolve Business Finance has supported national recruitment company Major Recruitment in securing a multi-million-pound confidential invoice discounting facility with Sonovate to support its continued growth.

The facility will provide additional working capital for Major Recruitment, helping the £100m-turnover business manage its significant weekly payroll requirements while providing capacity to invest in systems and future expansion.

Founded in 1992 with three employees and a single office in Leeds, Major Recruitment has developed into a national, multi-sector recruitment business with locations spanning Aberdeen to Ashford and Bristol.

The group operates across sectors including industrial, logistics, oil and gas, engineering, health and social care and permanent office roles, with blue-collar temporary staffing forming a significant part of its business.

Major Recruitment now employs around 240 internal staff and manages the weekly payroll of approximately 3,700 temporary workers.

As the business expanded, it required a funding structure capable of addressing the cash flow demands associated with paying temporary workers before receiving payment of client invoices, while also providing additional headroom for further growth.

Following an introduction to Evolve Business Finance, director Stef Radymski worked with the Major Recruitment team to assess its funding requirements and identify an appropriate lender.

Evolve subsequently introduced Sonovate and worked with both parties to structure and complete the confidential invoice discounting facility.

“It was important to take the time to understand how the business works and what it needed then find the right lender to support that.”

“Recruitment funding can be very specialist and getting the structure right makes a huge difference,” he noted.

The additional funding capacity is expected to support Major Recruitment’s day-to-day trading requirements as well as investment in new initiatives and its wider growth plans. The company recently won the Best Client Service Delivery category at the Recruiter Awards.

Phil Bottomley, CEO of Major Recruitment, said: “Stef was great to deal with from the start. He took time to understand the business, was easy to get hold of and brought in the right people quickly.

“He knows the market well, has useful contacts and made the whole thing far easier than our past experience. We’d happily work with him again and would recommend Evolve.”