Working capital boost accelerates expansion at IT transformation firm
Leeds-based IT and business transformation specialist, Iridium Consulting, is growing rapidly after securing funding from Santander UK.
The company has received a £1.5m invoice finance package. The funding provides improved working capital to the business, enabling it to expand its portfolio of clients.
Iridium Consulting provides a consultancy service, placing IT and business transformation experts primarily into financial services companies, particularly credit card issuers, supporting them to deliver IT programmes and solutions.
Established in 2018, the business’s turnover reached £5.2m in 2020, increasing to £18.5m across 2021.
It is targeting a 30% increase in turnover this year to reach £24m by the end of 2022.
Iridium Consulting has a full-time staff of 15 as well as a network of 187 contractors. It plans to hire eight new staff this year.
Matt Pickin, head of operations, said: “We have banked with Santander UK since we were first established, and it has been a supportive partner right from the outset. The working capital facility it has provided us with gives huge comfort and enables us to focus on planning for our future growth.”
Nick Sharpe, relationship director at Santander UK, said: “We’re pleased to provide the consultancy with this invoice finance package to support the next exciting chapter of its growth journey.”