Pegasus drives growth with funding package
Pegasus Staff Services, a Derby-based recruitment firm, said it is targeting 20 per cent growth after securing a £350,000 funding package from Lloyds TSB Commercial Finance.
The company, which specialises in transport recruitment, has offices in Derby, Coalville, Burton-upon-Trent and Mansfield.
It sources contract HGV drivers for the logistics industry and works with customers across the East Midlands.
Pegasus said that as a result of the economic downturn, its customers required longer payment terms, putting pressure on its cashflow.
The company secured a £350,000 invoice discounting facility from Lloyds to bridge the gap between issuing an invoice and receiving payment.
"We can now evaluate new clients by income, and not the strain they may put on our cashflow," said Chris Colder, managing director of Pegasus Staff Services.
"We have worked hard over the past 22 years to cultivate a strong working relationship with our customers and, as a result, many of them have been with us for years."
Pagasus has a £2m turnover and employs eight members of staff.
