Invoice Finance helps IT and engineering recruitment service grow
Knowledge and insight into recruitment gives the Recruitment Finance Division of Lloyds TSB Commercial Finance an unparalleled understanding of the industry, enabling them to provide informed advice to clients, maximising opportunities and results.
Since 1999, Lloyds TSB Commercial Finance has been providing confidential invoice discounting (CID) to Syntax Consultancy, a leading IT and engineering recruitment service based in Derby. This has helped the company grow despite the recession, retaining key staff and giving them the confidence to tender for significant new business contracts.
In 2004 Roger Frost, a partner of Syntax Consultancy, put forward a plan for a management buyout and went to Lloyds TSB Commercial Finance for advice and funding. Before providing the £1.1m facility, the Recruitment Finance Division worked with the Syntax Consultancy team to explore new ways of working, resulting in an increase in productivity.
The account management given by the Lloyds TSB Commercial Finance team has had a direct benefit on the company, giving them confidence to grow the business outside of the UK. Syntax Consultancy is now recruiting across multiple countries with operations in Europe and, most recently, Asia.
Linda Moulds, client relationship manager at the Recruitment Finance Division of Lloyds TSB Commercial Finance, said: “We have a fantastic relationship with Syntax Consultancy; we saw the potential in the company and wanted to devise a plan that would give them the opportunity to really grow.”
Roger Frost, managing director of Syntax Consultancy, comments: “Thanks to the knowledge and insight that the Lloyds TSB Commercial Finance account management team brought to our business, we have become much more efficient and productive, resulting in us securing new large contracts. We really feel we are in a partnership with the Recruitment Finance Division; they’re there for us not only during the highs, but also provide sound guidance in the lows.”