Secure Trust Bank Commercial Finance has provided temporary recruitment specialists Protec Recruitment with a £1.4m funding line to support the company’s growth plan.
Founded in 2012, Protec Recruitment provides temporary staffing solutions to the industrial and logistics sectors, with its clients made up of high profile haulage and manufacturing companies. The Lancaster-based firm currently employs six full time staff, with as many as 200 agency employees currently on its books.
The funding will be used to support Protec’s day-to-day operations, aiding the firm’s cashflow and will assist with covering agency staff costs. The business is also looking to expand in the coming years, with additional sites planned to increase coverage across the UK.
Dan Crosley, managing director at Protec Recruitment, said: “As a recruitment firm, having the ability to cover the cost of your agency staff is essential, and as a result, flexibility from your finance provider is crucial.
“I have over 15 years’ experience dealing with factoring companies, and Secure Trust Bank is the only one that approaches you with a commercial mindset. The fact that they think like business owners not only gives you confidence that they are going to find you the right deal, but also provides the knowledge that they understand the pressures of your business.
“It’s an exciting time for the company, and with further expansion expected in the coming years, the flexibility that Secure Trust can provide will become even more important.”
Matthew White, regional sales director at Secure Trust Bank Commercial Finance, said: “Recruitment as a sector is one reliant on alternative funding solutions to aid with working capital, particularly when considering the costs of covering up to 200 agency staff. As a result, finding the right financial partner is key, as businesses in this sector need the security of knowing that their facility can adapt to their growth levels.
“Dan came to us having had challenges with his incumbent lender, who were unable to match his required levels of funding. The business has grown considerably over the last three years, and with the backing of a strong management team, Protec is in a strong position to maximise growth in the coming months.”
The deal was introduced to Secure Trust Bank Commercial Finance by Dick Appleby at Factoring Finance.