Recruitment firm targeting US expansion following £2.8m funding facility
A £2.8m asset-based lending (ABL) facility will enable Manchester-based V7 Recruitment to target further international growth, particularly in the US.
The flexible funding facility has been provided by Cynergy Business Finance (CBF), which has offices in Manchester and London.
Founded in 2017, V7 Recruitment provides bespoke services to a range of industries including aviation, construction, utilities and fire and security.
With a relationship-centric model sitting at the heart of the business, V7 Recruitment has built a portfolio of trusted blue-chip clients, many of whom have worked with the business since its inception.
The past year has proven to be pivotal for V7 Recruitment. The business moved to a new, larger office space on Lever Street in Manchester at the beginning of 2022, providing additional capacity for its growing team. The business has also continued to rapidly expand its team in 2023, increasing to more than 20 staff.
The business also completed a management buyout during 2022.
Providing a renewed focus, the buyout will enable the team to continue expanding internationally, bolstering its current German office, along with plans to expand into the US by 2027.
Despite the coronavirus pandemic impacting business operations due to a downturn in demand, V7 Recruitment has continued to experience sustained growth.
The business is expected to turn over £14m in fiscal year 2023, with the goal of achieving £20m in 2024.
To help achieve this growth milestone, the business required additional cashflow support to increase sales and profitability and expand its service offering.
The blended approach by CBF allowed the business to secure £300,000 of cashflow loan support, as well as a £2.5m ABL facility.
Looking ahead, the business will continue to bolster its team with a series of new hires. Notably, its new Academy will recruit six new graduates over the coming months, boosting early career opportunities in the region and enhancing its training and development offering.
V7 Recruitment managing director, Steve Whiston, said: “The last year has been one of exceptional growth and change for V7, and this latest funding package is an exciting milestone that signals the next step for the business. This funding enables us to increase our cost base while supporting our fantastic team.
“The next few years will be pivotal, and I look forward to seeing where we head next.”
Dan Burton, executive director at Cynergy Business Finance, said: “V7 Recruitment stands at the very front of innovative, ambitious businesses in our region.
“Having already experienced substantial growth, we were able to work with Steve to build a unique facility that would leverage the business’s existing capabilities. We are excited to see the business go from strength to strength and continue to provide market-leading support.”
