Bibby commits €10 million to support buoyant recruitment sector

29th May 2015

Bibby Financial Services Ireland has announced the availability of €10 million in recruitment finance to support Ireland’s buoyant recruitment sector.

The company’s recruitment finance model supports small and medium-sized businesses by giving them access to cash tied up in invoices through invoice finance.

Speaking at the Dublin Chamber of Commerce event on access to finance for SMEs today (Wednesday), Ronan Horgan, Managing Director of Bibby Financial Services Ireland, said that with the unemployment rate in Ireland envisaged to fall to below 10%, many multinationals are utilising recruiters and the industry is in ‘substantial growth mode’.

‘We’ve recognised the potential of the recruitment industry and the growth it’s experiencing and as a result we’re making significant invoice finance facilities available to support the sector.

‘As gradual economic growth returns to Ireland and the number of jobs on offer increases, recruitment firms are increasingly looking for efficient means of financing and growing their businesses. Recruitment finance allows businesses to bridge the gap between filling jobs and getting paid, providing cash flow to meet day-to-day costs,’ Mr Horgan said.

Typical recruitment businesses that specialise in the temporary recruitment sector can avail of up to 85% of their invoice value immediately which eases cash flow pressures. Bibby guarantee credit decisions within five days.
The news comes following the company’s recent announcement to commit an additional €70 million in invoice finance to Irish businesses this year.

Bibby Financial Services Ireland is part of the Bibby Line Group, the world’s largest independent invoice finance company that provides over €1 billion funding to over 7,000 SMEs globally every year.

ENDS

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