The founder of one of Scotland’s fastest growing haulage recruitment businesses is looking to expand his business, accelerate his turnover, and add to his fleet of vehicles thanks to a tailored invoice finance cashflow solution from eCapital.
When Grant Kelly thought about setting up his own recruitment business, a conversation with eCapital’s regional managing director Richard Walker gave Livingston-based Grant all the information he needed to start his own business – Vantage Recruitment – and to see that business grow.
It’s now not only one of the most successful providers of drivers to local haulage firms throughout Scotland but can also provide the vehicles as well. It has also seen its turnover rise from a standing start to nearly £1.8 million in two years.
The secret behind its growth story is invoice finance, a cashflow solution that allows organisations to release cash from outstanding invoices. It not only provides fast access to immediate cash but also an ongoing source of funding which grows as a business grows – a key requirement for startups and scaling businesses keen to make their mark.
Prior to speaking to eCapital, Grant had no understanding of invoice financing: “Richard and his team explained everything to me clearly, and without any pressure, which was important to me.”
eCapital is able to advance cash to Vantage based on the value of its invoices whenever it’s needed: “By using eCapital I’ve been able to grow Vantage, and with their help, turned over around £1.2 million in first full year and closer to £1.8 million the year following.”
The logistics and industrial recruiter has gone from strength to strength – and the partnership with eCapital has prospered. Having originally setup as a recruitment business, placing drivers with organisations in need of transportation, Vantage has expanded and now provides not only the drivers, but also the vehicles themselves. It currently has five vehicles on its fleet.
Grant has even managed to persuade eCapital to advertise on the side of his wagons: “As a startup I wanted to limit my spend, so approached eCapital with the idea of buying advertising space on the curtains of the trailers. They took me up on the offer, and in the four weeks that we’ve had the eCapital branded trailer we’ve covered most corners of the UK.
“The lorry is probably covering about 1,500 – 2,000 miles a week, and when it’s not on the road its very visible in our yard,” he concludes.
Invoice Finance is a method of cashflow funding that uses receivables (invoices) as the principal asset against which money can be raised. eCapital pays the firm an agreed percentage of the invoice value (up to 90% typically) as soon as it is submitted, driving access to liquidity at the point of invoice as opposed to needing to wait.
