V7 Recruitment, a leading recruitment firm offering tailored services to various industries, including aviation, construction, utilities, and fire and security, is gearing up for significant international growth, particularly in the United States, following a successful £2.8 million asset-based lending (ABL) facility acquisition.
Cynergy Business Finance (CBF), a prominent financial institution with offices in both Manchester and London, has provided the flexible funding facility to empower V7 Recruitment’s expansion plans.
Since its establishment in 2017, V7 Recruitment has embraced a relationship-centric approach, earning a reputation as a trusted partner for numerous blue-chip clients, some of whom have collaborated with the company since its inception.
The past year has been a turning point for V7 Recruitment, evident from its relocation to a more spacious office space on Lever Street in Manchester early in 2022, facilitating the accommodation of a growing team of over 20 staff members. Additionally, a management buyout was successfully completed in 2022, fuelling the company’s renewed focus on international expansion. This expansion strategy aims to strengthen their existing presence in Germany and venture into the US market by 2027.
Despite challenges posed by the COVID-19 pandemic, which led to a temporary decline in demand, V7 Recruitment has remained resilient, experiencing sustained growth. Projections indicate an anticipated turnover of £14 million in the fiscal year 2023, with aspirations to achieve £20 million in 2024.
To support the ambitious growth targets and expand service offerings, V7 Recruitment sought additional cashflow support. The blended financial solution provided by CBF facilitated access to £300,000 in cashflow loans, along with a £2.5 million ABL facility.
Looking ahead, V7 Recruitment plans to further strengthen its team by making several new hires. Notably, the company’s Academy will be recruiting six new graduates in the coming months, creating valuable early career opportunities in the region and enhancing the training and development programs.
Excited about the company’s future, Steve Whiston, Managing Director of V7 Recruitment, stated, “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, commented, “V7 Recruitment stands at the forefront 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.”
As V7 Recruitment moves forward with confidence, fuelled by the substantial funding boost, the company is set to make significant strides in expanding its global footprint and further solidifying its position as a leading player in the recruitment industry.
