Venture is the right candidate for the job

RFC Recruitment Solutions Ltd (RFC) formed in February 2002 with the intention of transforming the recruitment industry. Reggie Campbell, MD, and Clive Oldridge, Company Secretary, had the idea and the experience, but needed extra funding to get their venture off the ground.

RFC is a recruitment solutions company. Its core concept is to place the right people in the right company. RFC is different from agencies, as it does not have candidates on its books for a long period of time. It places people in positions from the workshop floor up to the boardroom, its concept is to find people permanent jobs.

RFC will contract a temp out to a client for a minimum of twelve weeks, with the strong possibility of a permanent job at the end of this time. This in turn saves RFC’s clients time and money when looking to recruit. During the twelve weeks, the temp will receive training in one company and learn its culture and the nature of the business.

Before it even opened its doors, RFC faced its first financial hurdle. If in week one it placed fourteen people into jobs, by week two it would then have fourteen salaries to pay. Reggie and Clive looked into an overdraft facility from the bank and its factoring service, but decided these were not viable options. So RFC chose to take the same route as many other recruitment agencies and use a specialist factoring company.

Factoring helps companies control their cash flow through the purchasing of client invoices. In effect, a factoring company becomes an extension of the accounts department and is responsible for gaining payment of invoices and associated administration, allowing the company to concentrate on its core business.

RFC looked at a number of factoring companies, but it was important to choose one which knew its industry inside and out. Venture was the only company that RFC felt truly specialised in the recruitment sector and understood the nature of its business, which was imperative to its success.

Clive Oldridge, Company Secretary of RFC, commented: Straight away we had money coming in, which ensured we could pay our placements and our bills. We have used Venture from the start and now it’s as if they are part of our company. The service they provide is second to none. They are always very accommodating, flexible and helpful, which is a breath of fresh air.

The added benefit we have from using Venture is that they vet all of our clients, which really brings us peace of mind that we are dealing with reputable companies.

Amanda McNiff, Financial controller of RFC added: I have worked with other factoring companies in the past and I have found that they don’t offer the same level of service as Venture. One of the main reasons we have stayed with Venture is because of our first rate relationship with them.

We have a payment facility of fourteen days, and after that Venture will chase any clients that haven’t paid their invoices within this time frame. This has worked extremely well and has meant that we have regular payments coming into the company and it is less of a worry for us.

RFC now employs nineteen people, last year turned over 1.6 million and is looking to turnover 2 million this year. The company is currently operating with no overdraft or loan from the bank. Business is so successful that it is looking to expand across the South East, with a second office planned in the Portsmouth area and a third in Basingstoke area by the end of the year.
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