The Doyen Group


Challenge

From humble beginnings the group has grown to a sizeable business. The original company, Doyen Resources, came to ABN AMRO Commercial Finance because of administrative and posting errors made by its existing funder that were impacting on both the day-to-day running of the business and any ability to plan for growth.

Accurate sales ledger data and reliable cashflow are vital in the recruitment industry in order to pay wages. They are also important when considering the viability of funding an acquisition.

Solution

ABN AMRO offered a Confidential Invoice Discounting funding solution with 90% advances against invoices which released the cash required and allowed Doyen to manage its own sales ledger. This also helped with the purchase of another recruitment business which set the company on the path to becoming a group.

Managing Director Tony Graham said, “the support and flexibility of ABN AMRO have been a continuing feature since day one, particularly when four great opportunities arose which could have stretched our finances close to breaking point.”

Those opportunities included an acquisition and three startups and the finance to cover them came by way of a £400,000 Enterprise Finance Guarantee Term Loan (EFG).

Tony is happy to praise the understanding and support of the team at ABN AMRO:

“luckily we had a relationship manager that believed in our business and really went the extra mile to secure the additional finance required to cover these ambitious plans.”

The current facility provides funding up to £3.5m including the EFG Term Loan. The “group” nature of the facility allows the cash generated from the invoices of one group company to be drawn down and used for another.

The business also takes advantage of bad debt protection which insures against customers failure to pay. This guarantee of payment allows Doyen to service US clients in the knowledge that the same high level of funding will be generated despite the physical distance and different jurisdictions involved.

Results

The effects of having a finance partner able and willing to support the growth plans of the business have been impressive. From one company employing two staff the group now boasts 60 staff over nine companies with an annual turnover in excess of £30m.

The staff are spread over six offices nationwide and include a finance team capable of overseeing the overall group position whilst providing the back office function for nine different businesses.

From a one agency operation originally needing to outsource its own back office function, Doyen has grown into a diverse and dynamic business that is now able to provide not just the funding but those same back office services to its existing brands and future recruitment companies joining the group.


About

The Doyen Group consists of 9 energetic brands created from a fusion of organic growth, acquisition and joint venture startups. Each brand is unique but all share structural synergies, leadership and economies of scale that represent a collective that is greater than the sum of its parts.

The Group delivers recruitment and consulting solutions across a diverse range of sectors including aerospace, construction & engineering, education, industrial, rail, oil & gas, medical, project management, information technology, telecoms and C-suite/ C-level search & selection.

Invoice Discounting

 Invoice Discounting allows you to raise funds using your unpaid invoices - we offer an advance of up to 90% on unpaid invoices immediately.

Enterprise Finance Guarantee (EFG)

Raise from £25k to £1.2m with the EFG - an innovative business finance scheme, supported by the Government through the British Business Bank.

This website uses cookies to make your browsing experience more efficient and enjoyable. By continuing to use the site without changing your settings you are agreeing to our use of cookies. More information about cookies.