South Tyneside based recruitment agency bolsters growth with seven-figure funding

Zenith People Limited (ZPL), a North East based recruitment agency, has secured a £1.3m facility from asset-based lending (ABL) specialists, Cynergy Business Finance (CBF).

Established as Zenith Recruitment Limited (ZRL) in 2001 by Angela Anderson, ZRL rebranded as ZPL in 2008. Headquartered in Hebburn, South Tyneside and comprising 20 members of staff, ZPL places candidates in both permanent and temporary roles in the engineering, manufacturing, IT, construction, and commercial sectors across the UK.

ZPL currently has hundreds of temporary staff members on their books actively working, which requires substantial working capital support to bridge the gap between outgoing wages and customer payments. ZPL also needed a flexible facility that could grow with the business.

Working closely with ZPL’s management team, CBF were able to provide a £1.3m invoice discounting facility to support the business on its next stage of growth, with the entire process from initial enquiries to completion and payout taking under a month.

With many businesses adapting to flexible working patterns and higher salaries post-Covid, the facility will enable ZPL to expand its team and grow its customer base, ensuring customers are fully supported in attracting and retaining top talent for their businesses.

Angela Anderson, Founder and Managing Director of Zenith People Limited, commented: “As an established recruitment agency in the North East, we are quite regularly the go-to consultants for roles across engineering, manufacturing, IT and more, with both businesses and staff using ZPL to fill permanent and temporary roles.

“As we continue to grow, it is important that we have the cash flow to sustain business practices, and the facility from CBF will ensure that this is the case. The CBF team has been very effective and responsive to what we needed, guaranteeing a quick turnaround, as well as going above and beyond.”

Sarah Harrison, Corporate Sales Manager at Cynergy Business Finance, added: “ZPL is already an established agency making candidates placements across the UK, and the vision Angela and the ZPL team have for their growth and future is incredibly exciting.

“We are pleased to have been able to offer a flexible ABL facility that will help to boost cash flow and enable ZPL to continue growing and developing.

“We were able to do this with a quick turnaround, taking only three weeks to move from initial enquiries to completion and pay out, ensuring ZPL received the facility as soon as possible. I look forward to seeing the business continue to grow over the coming years and wish Angela and the team the best of luck.”

By Matthew Neville – Senior Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →