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History with recruitment client speeds through investment deal
Phil Trueman from Reach Commercial Finance gets another deal away for long-standing Cambridgeshire recruitment client
A second funding deal in 18 months for Huntingdon-based recruitment firm CJ Logistics Solutions from Reach Commercial Finance has delivered a six figure injection of working capital and a similar increase in the firmes existing invoice finance line.
The new deal secured by the Reach team led by Phil Trueman will help the business to manage increased demand and fund a planned office move for 2021, delayed by Covid.
Set up in 2015 CJ Logistics Solutions specialises in the recruitment of high quality HGV, van and warehouse drivers across the UK. Sourcing both temporary and permanent staff the firm has quickly established itself as an experienced and reliable recruitment partner for a range of clients in the logistics sector.
A sister business - CJ Employment Solutions focuses on permanent senior appointments for general commercial firms, providing roles in administration, customer services, purchasing and accounts.
After successful sourcing an alternative funding solution in June 2019 Phil Trueman stepped in again to meet a new brief from the ambitious firm - and all delivered within five weeks.
Phil and his Reach team helped access a six-figure sum of working capital using a CBIL and worked with Bibby Financial Services to increase the existing Invoice Finance credit line.
Phil commented: Having a good existing relationship with the company and understanding its operations - not least its continuing good payment history on existing lending - enabled us to prepare a strong case to both the CBIL panel and Bibby and complete the deal in record time.
Director James Stenton said the advisory and pace of work of the Reach team had been first class and delivered another excellent cash flow solution. It very uncertain times it has given us the confidence to take some new steps as a business, increasing activity and planning a major relocation in the new year.
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