Introduction RTE field
Quote-Quote author (Quote source)
- LS Contracts Ltd
- Milton Keynes
- £275k - £350k
- Selective factoring (non-recourse)
Progressive Milton Keynes recruitment firm takes on Bibby Financial Services
Growing LS Contracts looks to new sectors with cashflow solution in place
A Milton Keynes based recruitment business, which supplies on a national basis,
is targeting significant growth and a positive year ahead with cashflow funding
in place, in the form of invoice finance.
Contracts provides interim, temporary and permanent staffing services across a
variety of industry sectors, specialising in the provision of permanent and
contingency labour to the logistics and construction sectors.
by director Jane Eggleton with 15 years’ experience in the industry, the
business now manages 500 temporary staff, with up to 200 active at any time.
the past three years, the business’s own staff numbers have grown and it now
employs a team of six recruitment specialists to service the staffing needs of
leading brands. This year, the team is expanding its operations into the financial
services sector through targeted sales and marketing campaigns.
the business’s outlook hasn’t always been as positive. Following the departure
of a former director, Jane found herself with unexpected debt and no
contingency plan in place.
really had to start again but the lessons I learned from this experience have
helped me tremendously. Before I could grow the business, I had to pay off the
debt which was passed onto me. It took a while but we are finally there and the
business is now in a great position to move forward”, Jane said.
order to drive profitability and success, Jane reviewed the funding options
available for the rebranded enterprise, which is when she selected an invoice
finance solution from Bibby Financial Services (BFS).
said: “In the economic climate at that time - and with the debt we had
inherited – the banks were unwilling to lend to a small business like ours. I
was confident that we had a unique service offering but we needed working
capital in order to take on more temporary and permanent staff.”
was at this stage that Jane and her team were introduced to BFS who provide a £350,000
invoice finance facility. This enables the business to unlock value in unpaid
customer invoices as well as utilising credit control management facilities
from the specialist funder.
a team of credit control specialists managing our payment collection is a huge
advantage and allows us to focus on finding new clients and generating more business.
fact, BFS has opened my eyes to the benefits of outsourcing credit control and
when a major retailer defaulted, it was only their expertise and willingness to
help that enabled us to retrieve the money”, Jane said.
the decision to select BFS as the business’s funding partner, Jane says she has
made the right choice: “Having evaluated the services of six invoice finance
providers, we definitely made the right decision with BFS.
support we receive from them is fantastic but it’s not only the funding we
value, it’s also their expertise. Our BFS account management team are experienced
and always at hand to offer support and guidance, which is a huge benefit to us.
actually more like an extension of my own team and the credit control services allow
me to concentrate on winning business, instead of chasing outstanding payments.”
and her team have a progressive outlook in relation to sources of business. A keen
social media user and advocate, Jane effectively uses LinkedIn to network; building
new relationships with employers and head-hunting executive professionals.
said: “Our two main sources of business are LinkedIn and word of mouth
referrals. Once we have a client on board, they stay with us due to the level
of service we provide but LinkedIn is a great way of getting our name out there.
It helps generate new enquiries and enables us to source the right people for
the permanent positions we fill for our clients.
a progressive recruitment business with a passion for delivering a leading
service to our clients. With funding and support from the team at BFS, we can
now focus our attention on expanding the business in the construction,
financial services and logistics sectors.”
Director of Bibby Financial Services Sharon Wiltshire said: “LS Contracts is a great
example of how determination coupled with a unique service proposition can lead
a business to success.
and her team have leveraged the benefits of using invoice finance to their
advantage and it’s been great to see the team overcome challenges to a position
where they are now looking at growing the business into the future.”