Southampton: EFE backs Preferred IT expansion

Southampton-based recruitment specialist Preferred IT has received a multi million pound financial boost from Enterprise Finance Europe (EFE), the solutions-driven asset-based lender, to help continue its rapid expansion throughout the UK. 

Established in 1998 by Directors Nick Daniels, Gordon Watson, Kathleen Smith and David Clayden, Preferred IT, provides specialist temporary staff to a broad range of businesses from start-ups to blue chip companies. Formerly known as Preferred International, the company, twice listed in the Virgin Fast Track 100, currently turns over in excess of £10m.

An Investor in People company, Preferred IT turned to EFE recently to see if it could provide a more flexible financial solution than its previous lender to help meet the costs of expanding the business further over the coming 12 months. EFE was able to put in place a £2.5m confidential invoice discount facility within a matter of weeks.

Gordon Watson, director, Preferred IT, said: “Preferred IT has been enjoying continued growth of late and we required additional working capital, over and above our existing funding, to meet those costs. EFE has been more than happy to help and the facility that has been put in place substantially increases the finances available to the business as we look to make further inroads into the IT recruitment market. 

Richard Preston, director of new business, EFE, added: “We have a long history of working with companies in the recruitment industry and were delighted when we were invited to provide a confidential invoice discounting facility to a firm of the calibre of Preferred IT. We are confident that the funding package we have put together will give them the additional capital they require to fund their continued growth not just on the South Coast but across the UK as a whole.”