A Leeds firm which hit a £1m turnover in its first year of trading employing over 100 staff is expecting to double or even treble this figure next year, thanks to a £300,000 funding boost from Access.
Servo “ a true 24/7 service provider” offers a large range of security, manpower resourcing and facilities management services, from on-site security guards and CCTV monitoring to property reinstatement and temporary staffing across many sectors.
“We have been able to secure a funding deal from Access Finance that we couldn’t have got anywhere else – it’s been a totally different and refreshing experience from dealing with banks, the restraints they have now make it almost impossible to discuss anything.” – Jodie Crosthwaite, Managing Director, Servo Group
The firm services some large commercial clients, such as Eddisons, Capita, Balfour Beaty and Interserve and despite only trading since 2014 it is expecting to hit a turnover of between two and three million next year.
Servo Group is fast becoming a market leader in its field but it needed commercial finance to facilitate its growth and make its expansion plans a reality.
Access Commercial Finance has provided the funding line of £300,000 to give Servo the capacity to expand, and it anticipates doubling the facility within the next 12 months.
Jodie Crosthwaite, Managing Director of Servo Group says: “Our success has been phenomenal to date, and finding the right funding has been integral to that. Like many young businesses, once we started to take off we needed funding otherwise we would be over trading. It would have been impossible to be considered a major player in our chosen sectors, which we are now fast approaching, through great services, attention to detail, delivery, hard work and the great team we have here it is very likely to happen.
The funding from Access was initially put in place to bridge the gap when Servo’s current funding wasn’t stacking up, but it has proven to be the boost Servo needs to carry out its plans and become a major national player in its field.
Jodie says: “ Arranging the funding has been very seamless and straightforward, delivery was perfect and, crucially, quick – we haven’t spent weeks poring over realms of paperwork.”
With the additional funding, Servo is planning to build on its success, recruiting extra staff and continuing to compete for large national contracts. As the firm grows, it’s line of funding through Access will also grow to match its ambitions.
Matt Haycox from Access Finance says: “It’s great to work with really strong, ambitious businesses like Servo, who have achieved so much, so quickly and clearly understand the importance of “great service”. Often companies like this turn to us because banks and high street lenders can still be conservative in their lending, whereas we can see the massive potential in their plans and help to structure the solution that will really help them grow into a huge business.”
To learn more about our start-up finance packages call us today on 03330 069141.
