V7 Recruitment, a Manchester-based recruitment firm announced it has secured a successful £2.8 million asset-based lending (ABL) facility acquisition to fund its US expansion.

Cynergy Business Finance (CBF), a financial institution with offices in the UK has provided the flexible funding facility to empower V7 Recruitment’s expansion plans. The blended financial solution provided by CBF facilitated access to £300,000 in cashflow loans, along with a £2.5 million ABL facility.

V7 Recruitment offers tailored services to various industries, including aviation, construction, utilities, and fire and security.

Last year the group completed a management buyout, fuelling the company’s renewed focus on international expansion. This expansion strategy aims to strengthen their existing presence in Germany and venture into the US market by 2027.

“Despite challenges posed by the Covid-19 pandemic, which led to a temporary decline in demand, V7 Recruitment has remained resilient, experiencing sustained growth,” the company stated. “Projections indicate an anticipated turnover of £14 million in the fiscal year 2023, with aspirations to achieve £20 million in 2024.”

Looking ahead, V7 Recruitment plans to further strengthen its team by making several new hires.

Steve Whiston, managing director of V7 Recruitment, said, “The last year has been one of exceptional growth and change for V7, and this latest funding package is an exciting milestone that signals the next step for the business. This funding enables us to increase our cost base while supporting our fantastic team. The next few years will be pivotal, and I look forward to seeing where we head next.”