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We spoke to Newcastle-based recruitment business, Pin Point Recruitment, about their experience with us and how the flexibility of their Invoice Finance facility has supported their business journey. Andrew Hall, Head of Finance at Pin Point, was happy to talk to us about their experience with their Invoice Finance facility over the last two years.
Established since 1998, Pin Point Recruitment provide temporary, permanent and bespoke managed service solutions to business across the UK. The business provides services to industries such as warehouse distribution, e-commerce and automotive and has seven offices across the UK, from Aberdeen, all the way down to Bristol.
The start of the journey…
Pin Point Recruitment started their journey with Skipton Business Finance in 2020, when they were looking for a new funding partner during the pandemic.
Andrew said: “When the opportunity was presented in front of Skipton, they acted really quickly and the onboarding was really straight forward.”
The business initially started with an £6m Invoice Discounting facility, which enabled a steady cashflow so the business could navigate as usual, without the burden of late payments. As Pin Point was already a very established and growing business, Invoice Discounting was perfect for them as they did not require external credit control.
The ideal solution…
After going from strength to strength and requiring less need for funding, Pin Point left the Invoice Discounting facility and moved onto a £2.5m LedgerLite facility.
LedgerLite is an Invoice Finance solution from Skipton Business Finance, which allows businesses to gain access to a larger proportion of up to 50% of their sales ledger upfront each month.
Andrew told us why LedgerLite was the perfect solution for Pin Point as they look towards the future of self-funding:
“LedgerLite is an ideal solution for businesses moving towards becoming self-funding. It provides a contingency funding facility, which can be utilised as and when required,”
“It provides a business with a funding option to exit Invoice Discounting in a controlled fashion.”
The SBF Experience…
Pin point Recruitment have been with Skipton Business Finance since December 2020. On reflection of the partnership, Andrew tells us about Pin Point’s experience with us, from their initial meeting, up to now.
“I can’t praise Skipton highly enough,”
“They have been like a breath of fresh air from the first moment that we met them, to the point we’re at now,”
“The initial expectation at the time was that Skipton may be a bit small for a deal of that size, but I think it’s important for people to realise that, actually, Skipton can compete against anybody, and the real beauty of Skipton is the experience and expertise of the people at Skipton.” Andrew added.
Looking towards the future…
Pin Point Recruitment continue to grow from strength to strength, offering their excellent service to businesses across the UK. With their sights set on the future and becoming self-funding, Skipton Business Finance is proud to support this journey.
This is one of many businesses we have been able to support in a crucial part of their journey and, in doing so, have helped them get one step closer to self-funding. We are always proud to see businesses grow in strength with us by their side.
You can find out more about Pin Point Recruitment here. If you would like to find out more about how our solutions could support your business or your clients, please contact us at 0800 085 150. Alternatively, you can drop us an email at info@skiptonbf.co.uk.