Aldermore has provided the initial working capital facility of £8m to fund the growth of Flo Group, a provider of funding solutions and CRM software for the temporary recruitment sector.
Since 2013, Flo Group has successfully expanded its services to include back-office operations and funding solutions for temporary recruitment businesses.
This new working capital facility is specifically designed to scale Flo Groups’ funding arm, Cash Flo, and will directly support its plans to expand its funding provision to an additional 50 to 60 temporary staffing agencies over the next 18 months.
It will also enable them to deliver more value to clients across sectors such as education, healthcare, construction, and hospitality by streamlining operations and improving overall business management.
Alex Hazell, business development manager at Aldermore, said: “At Aldermore we’re dedicated to being a reliable funding partner for innovative companies like Cash Flo.
“By providing this growth funding facility, we’re enabling them to scale their operations, enhance service delivery and help more recruitment agencies succeed, and we’re proud to be a part of their journey.”
Nathan Golby, director at Flo Group, said: “We’re incredibly excited to enter this next phase of growth with the backing of Aldermore.
“This new facility allows us to unlock even more working capital for recruitment agency owners across the UK — removing the usual financial and operational barriers.
“Our mission has always been to make it easier for recruiters to build successful agencies — and now with Aldermore’s support, we’re ready to help even more of them do exactly that.
“In addition, Aldermore introduced us to John Gribbon, who now joins our team as a Non-Executive Board Member — a level of service that truly went above and beyond and was a real bonus of working with the team at Aldermore.”
Paul Varley, managing director of Navigate Commercial Finance, added: “We’re delighted to have assisted Nathan and the management team to secure this extended funding facility with Aldermore that matches Cash Flo’s exciting growth and employment aspirations.
“With Aldermore’s deep understanding of deploying back to back facilities and expertise in the recruitment sector, coupled with Cash Flo’s agility to fund and support recruitment agencies, we hope this to be a long term thriving partnership.”
