Sellick wins £3.75m re-financing for growth

FINANCIAL recruitment firm Sellick Partnership has signed a new £3.75m re-finance deal to support its expansion.

The package will see the Manchester-based company bring all its banking facilities under one roof, with invoice discounting facilities moved to RBS Invoice Finance and its day to day business banking accounts handled by NatWest.

The decision to switch providers follows the company’s earlier announcement to open a seventh office (in London) and to achieve an increase in profits of more than £1m in the next year.

It is a contrasting scenario to three years ago when the company closed its offices in Chester and Preston as it rationalised during the depths of the recession.

The invoice discounting facility the company has secured with RBS Invoice Finance is set to provide the company with additional working capital during this period of growth, freeing up cash from the company’s sales ledger to support its rapid growth. The flexibility this provides will help to support the firm’s new growth channels.

Established in 2002, firm is a provider of recruitment services across the UK. Operating primarily across the financial and legal sectors, the company has branches nationwide including offices in Leeds, Manchester, Midlands, Newcastle, East Midlands and Liverpool.

Managing director Jo Sellick said: “We have been experiencing real growth over the last 18 months as both the interim and permanent markets within the finance and legal sectors have seen an upsurge in demand.

“This increase in revenue has generated growth for Sellick Partnership, and as a result we have got significant plans for the future – firstly with an office opening in London this spring to satisfy the increased demand we have seen from candidates and clients in the south east.”