Time Finance has provided a £50,000 invoice finance facility to Cheshire recruitment business TBOS Healthcare Solutions to support its early-stage growth plans.
The independent SME lender said the funding is helping the Wilmslow-based business strengthen cashflow as it supplies temporary and permanent staff to organisations operating across the mental health, addiction and homelessness sectors.
Recruitment businesses often face a gap between paying temporary workers and receiving payment from clients. TBOS Healthcare Solutions required a funding arrangement based around approved weekly timesheets, allowing it to release cash against invoices as they are raised.
Time Finance said its specialist invoice finance division was able to structure a facility that gives the business access to working capital as it grows, enabling it to pay workers promptly, take on additional contracts and expand its client base.
The lender added that the improved cashflow position also helped the business meet the requirements needed to access the Matrix recruitment platform, supporting further client acquisition.
Andy Hume (pictured), head of sales (north) at Time Finance, says: “For many start-ups, access to the right specialist solutions in the lending market can be limited; major high street banks typically base any facility arrangements around historical financial data and available collateral, which of course leaves many new businesses like TBOS without a trusted funding partner to help facilitate their plans.
“It’s been a pleasure working with Josh to understand the nuances of his business and how cashflow and invoicing really work for them day-to-day. Solutions such as Invoice Finance are a no-brainer for growing businesses.
“By offsetting the invoices as they come through, Josh can focus on what’s important: growing his business and new client base, rather than chasing unpaid invoices and managing cashflow challenges.”
Josh Brown, chief executive at TBOS Healthcare Solutions, adds: “Before having this facility in place, cashflow was a real challenge for the business, but it’s been made much smoother and we can now focus on growing our client base and building the business from the ground up.
“Time Finance has been brilliant from day one, and I’d definitely recommend them to any other start-ups looking to take their business up a notch.
“The whole team has really taken the time to get to know the business, explain everything as clearly as possible and make the whole process very simple.
“They’re an easy-to-deal-with lender who are always at the end of the phone. Since putting this Invoice Finance facility in place, we’ve taken on our largest client to-date, with whom we now have an exclusive partnership.”
Founded by recruitment professional Josh Brown, TBOS Healthcare Solutions is looking to expand its operations through further investment in technology and customer relationship management systems.
