Sallyport Commercial Finance provided a $2 million accounts receivable facility to a UK incorporated staffing and recruitment company to support the company’s U.S. launch.
An established UK staffing firm had successfully penetrated the U.S. energy sector but found it increasingly difficult to work with its lender in England due to the time zone, currency conversions, delayed processing, and the lack of market presence and understanding.
The business owner wanted to find a U.S. based factor with a strong connection and understanding of the Oil and Gas industry. Sallyport gave them the confidence to move their business to the U.S. and provided the required working capital needed to penetrate the growing energy sector and service their clients better.
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“Over a pint of beer, we structured a plan that would secure the financing required to pay off their existing lender and move them into a facility that will allow them to grow the business. We’re pleased to partner with a dynamic, globally minded group of professionals seeking to make a difference in the U.S. energy market and abroad,” said Greg Dyson, national sales manager.
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By establishing a relationship with Sallyport, the company was able to pay off its current lender, smoothly cover payroll, and maintain positive relationships with its customers. The combined experience of Sallyport’s management team and their intimate understanding of England’s finance industry, gave the assurance the client needed in a finance partner as it moves operations to Texas.
