Asset-based lender turns headhunting approach into £300,000 deal

AN asset-based lender clinched a deal to provide £300,000 working capital to a recruitment company which had originally approached it to headhunt one of its executives.

Salford-based Venture Finance was initially approached by KCMB – which is headquartered in the Cheshire town of Hale – to recruit an employee named Nick Russell for a rival company.

Mr Russell, who did not want to leave the company, turned the approach to his advantage and ultimately provided Venture Finance with a £300,000 ‘domestic and export factoring’ facility.

KCMB now plans to use this extra funding to aid expansion of its international contracting business named Worldwide Recruitment Solutions. 

The package also includes ‘bad debt protection’ to shield against unforeseen, unpaid invoices due to insolvency.

Mark Brown, managing director of KCMB Recruitment, said: “Whilst we did not win a potential candidate, we certainly gained valuable working capital.

“We are very satisfied with Venture’s flexible funding package. It delivers a reliable source of working capital for our ambitious growth plans and provides peace of mind through its Bad Debt Protection.

“This allows the management team to concentrate on driving the business forward, without distraction.”

KCMB specialises in finding employees for personnel working in the financial services industry.

Nick Russell, business development manager at Venture Finance, said: “Venture is an award-winning financier with a close family of dedicated professionals.

“Our desire to help businesses explore growth opportunities never shuts off. Whilst talking to KCMB my thoughts naturally turned to how we could help their business move to the next level and meet the recovery with strength.

“KCMB is a well-managed company with a strong and logical plan for growth. We were impressed with the potential it has and were delighted to provide flexible funding in order that their ambitious plans can be realised.”