Funding deal for IT recruiter Axica

IT recruitment agency Axica Recruitment has secured a £500,000 invoice financing facility through ABN AMRO Commercial Finance.

The three-year-old Manchester business, which works with blue chip firms, has seen turnover increase by 400% over the last two years, according to joint managing director Steve Madden, and it will use the cash to support expansion into overseas markets.

He said: “Our temporary staff business represents 92% of turnover and we are now trading in six different currencies, so flexible invoice finance is a vital part of our business operation. It enables us to not only finance our contractor base but to continue to expand it.

“We were surprised at the negative attitude of some funders towards our growing export book. This finance deal allows us to continue to invest in growth. ABN AMRO Commercial Finance are very commercially minded and show great flexibility towards our expansion into international markets. We are also particularly reassured to know that our funding is able to increase as our business grows.”

ABN business development manager Nick Russell said: “It’s exciting to support a dynamic business with such ambitions for growth. ABN AMRO were happy to quickly step in and alleviate some of the restrictions that were slowing them down.”