RBS will hope to see a return from Boomerang funding deal

SPECIALIST recruitment funder Boomerang Funding has secured a £4m working capital facility from RBS Invoice Finance and The Royal Bank of Scotland (RBS) to support its expansion.

The finance package will help the company meet rising demand for its services from start-ups and established agencies in the recruitment sector.

The company has also switched its banking facilities to RBS.

Based in Bromsgrove, Boomerang Funding works closely with recruiters throughout the UK and provides funding to start-ups and small independents who can find access to finance challenging.

Since it was established in 2012, Boomerang has grown rapidly, with turnover increasing from £500k to £10m in three years.

Commercial director Paul Dewick said: “We are growing fast due to the rise in demand for our services and as a result need working capital to support our expansion.

“Before securing the £4m facility from RBS Invoice Finance, we had had to turn business away so we are really pleased to agree the deal – without it we would not have been able to grow.”

John Kennedy, head of business development at RBS Invoice Finance, said: “It’s great to have Boomerang Funding on board. The company is run by a strong management team and their success in recent years is testament to the service that they provide and the need for it in the recruitment industry.”