- Specialist recruitment funder secures £4m working capital facility
- Deal helps support the rise in demand for Boomerang Funding's services
Boomerang Funding provides funding to start-ups and small independents in the recruitment sector. The company helps new entrants into the market finance the placement of contractors and temporary workers. Since it was established in 2012, Boomerang's turnover has increased from £500k to £10m.
Paul Dewick, Commercial Director of Boomerang Funding:
"We're growing fast due to the rise in demand for our services. As a result we need working capital to support our expansion."
"Before securing the £4 million facility from Royal Bank's invoice finance team, we had had to turn business away so we are really pleased to agree the deal. Without it we wouldn't have been able to grow. We are also happy to move our banking across to Royal Bank. It made sense to be with the one provider and a team that understand the recruitment sector."
John Kennedy, Head of Business Development (invoice finance team):
"It’s great to have Boomerang Funding on board. The company is run by a strong management team. Their success is testament to the service they provide and the need for it in the recruitment industry. We are looking forward to working with the team and to helping the business grow."
Simon Ribbans, head of the specialist recruitment team, Royal Bank:
"We first met with Paul at The Recruitment Expo held at Olympia this year and are delighted to welcome them as a new customer to bank. We've been impressed by their growth and commitment to support SMEs."
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