Recruitment SME's flexible funding

Richards' Events Case Study
Sue Richards, Richards Event and Recruitment Services Limited
Business:
Richards Event and Recruitment Services Limited
Location:
New Milton, Hampshire
Sector:
Event Services, Recruitment and Security
Segment:
Core (FlexiDraft)
Funding:
£80,000
Turnover:
£1.3 million

Sue Richards’ New Forest based family business provides temporary and permanent staffing services across the UK. This includes managed waste management and cleaning contracts, static security, red carpet and event security services.  The business places 80 to 250 staff every week for a roster of clients including local councils, blue chip companies, charitable organisations and major events such as festivals and marathons.

When Sue set-up the business in May 2005 she was looking to leverage her 25 years’ experience in events and recruitment but importantly, Sue wanted to do things differently to other service providers.

“The idea was to set up a business that could operate on a large scale and service a number of clients while still providing a personalised service”, Sue said.

The business has grown significantly in the past eight years and now employs ten permanent members of staff, each with many years of expertise in their respective fields. Sue says that her dedicated team are always on-call to ensure that they can deliver the service they promise to their clients, time and time again:

“We pride ourselves on being available to all clients – no matter how big or small they are - and our doors are open 24/7, 365 days of the year. There’s always someone on the end of the phone and not an answering machine which gives our customers confidence in our capabilities.”

Operation directors and managers based across the UK work remotely from home – a growing model among many SMEs in the UK looking to benefit from efficiencies found through modern working practices.

Sue said: “With the exception of head office staff who deal with administration and HR, having our staff based from home creates flexibility enabling us to be available for our clients at all times. We have a state-of-the-art telephone system in place which allows calls to be answered by the team from their home offices and the whole model works really well for us.”

Sue thinks that empowering her team in this way encourages staff to repay the business in commitment: “The team works so hard and remote working unquestionably helps as they spend less time travelling to and from the office and more time doing what they do best - looking after our clients!”

The business has grown significantly over recent years, and is now on target to triple its turnover from £500,000 in April 2012 to £1.5million by March 2014. However, this rapid growth has presented challenges in relation to cash flow.

It is for this reason that the business uses FlexiDraft from Bibby Financial Services, which provides a steady flow of working capital, enabling the business to operate more efficiently and take on more business.

“Although a lot of our clients are prompt payers, the biggest problem for us is at peak periods when we have larger than average payroll to manage as 90% of our staff are paid weekly”, Sue said.

“This is why we began looking for a finance solution which suits our changing funding requirements at different times of the year, which is when we found Bibby Financial Services.

“Our facility with BFS is a huge benefit to us, enabling us to take on more business by being able to access the funding we need, when we need it.

“The service is straight forward to use and the dedicated staff are always at hand to help.”

For Richards Events and Recruitment Services business is buoyant and with a sustainable source of funding in place, the team are looking to grow the business even further in 2014.

Sue adds: “We’re looking forward to a busy year ahead. The funding we receive from Bibby Financial Services will undoubtedly enable us to grow even more and we would urge other businesses to consider FlexiDraft.”