Press Releases
July 2011
LANARKSHIRE RECRUITMENT FIRM ON TRACK FOR 50 PER CENT TURNOVER BOOST
The local economy is showing signs of recovery and the demand for staff has risen, as a Lanarkshire recruitment firm is set to increase turnover by 50 per cent to £3.75 million in the next year, after securing a factoring facility from Lloyds TSB Commercial Finance.
Ten Live Ltd, based in Coatbridge, was established in March 2010 by four recruitment professionals who possess over 40 years of experience between them.
Currently employing nine people, the business sources both permanent and temporary staff for local companies operating in the distribution, manufacturing, industrial and engineering sectors.
The firm, which generated a £1 million increase on forecast turnover in its first year of trading, found demand was high for its services as the economy recovered, and so approached Lloyds TSB Commercial Finance for a cash flow solution to capitalise on growth opportunities.
The funder provided Ten Live with a factoring facility, which is leveraged against the value of its issued invoices to provide a steady, dependable cash flow. This assists the business during peaks and troughs which are inevitable when dealing with a variety of industries operating with different seasonal requirements.
Now Ten Live is on track to increase turnover to £3.75 million in the next year and take on four new members of staff by the end of 2012.
Gary Telfer, joint managing director of Ten Live Ltd, said: “Since we established the business 15 months ago, the demand we have seen for our services has surpassed all expectations.
“The distribution clients we provide staff for are particularly busy at the moment and to ensure our liquidity remains buoyant and able to cope with the gaps between paying wages and receiving payment from our clients, we decided to utilise the factoring facility from Lloyds TSB Commercial Finance.
“As a result of this cash flow boost, we are now in a strong position to extend our reach across Scotland and expand into new sectors, as well as increase turnover.”
Rona Thomson, client manager at Lloyds TSB Commercial Finance, said: “Gary and his team work hard to go the extra mile for their clients and provide recruitment services 24 hours a day to support customers.
“It is fantastic to see a business, which was established in difficult economic conditions, pushing full steam ahead to capitalise on opportunities in the recruitment sector presented by a strengthening economy and local job market.
“The factoring facility we provided is ideal for a young company like Ten Live, as it is based on issued invoices and grows in-line with sales. This enables the firm to expand at its desired rate, without worrying about the impact of growth on cash flow and day-to-day running costs.”
The company was recognised at the Lanarkshire Business Excellence awards earlier this year, taking home the best new business accolade.
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SCOTTISH RECRUITMENT FIRM DEFIES UNEMPLOYMENT TREND
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October 2010 – Scottish recruitment firm Ten Live have successfully defied the downward trend in unemployment by dramatically exceeding all initial expectations to report a gross turnover of £1.2m within their first six months of trading. These results firmly position the Glasgow based consultancy as one of the fastest growing recruitment agencies in Scotland.
Despite the news this week that unemployment in Scotland has risen by a further 13,000 to 231,000 (8.6 per cent)* between June and August, Ten Live are enjoying a period of continuous growth that has set the fledgling agency on course for a projected turnover of £2.1m by the end of their first full year of trading in January 2011.
Commenting on these latest results, Gary Telfer, joint owner and director of Ten Live, said: “From the outset we have been very focused on what we want to achieve. We have created a company and brand that is buzzing and very exciting with new and innovative plans to drive the business forward.
“We have many clients and influential contacts we have worked with over many years who have been very supportive of Ten Live. Indeed, from day one we started trading with a FTSE 100 global engineering client which was soon followed by a number of global 3rd party Logistics companies who also came on board with us very quickly.”
With nearly forty years combined recruitment industry experience between them, Ten Live’s husband and wife co-founders Gary and Joanne Telfer had worked together with the same firms for 16 years in various senior management and director positions before deciding to join forces in establishing Ten Live, based in Coatbridge on the outskirts of Glasgow. But the setting up of Ten Live was unexpected.
“In 2009, after numerous business trips to Dubai we secured a multi million pound deal to run all the recruitment and HR functions for one of the top 5 organisations in the region, and we were all set to relocate. Unfortunately, the downturn in the UAE economy and subsequent reluctance of the client to commit contractually meant the whole project was shelved indefinitely.
“Despite our obvious disappointment, we were boosted by the knowledge that we could negotiate and win business at a very high level. So we decided to take control of our destiny and start on our own with autonomy for all aspects of the business.
“Our differing styles and skills complement each other well and has led us to achieve significant success that has been recognised by a number of business awards we have attained over the last six months, including attaining ISO status for our Integrated Management Systems and various training awards for success using tools such as IiP and Customer Service for both clients and job seekers alike, for instance,” says Mr Telfer.
Although the last two years have been the most challenging period the recruitment industry has faced since the early 1990s, with an estimated 1 in 5 consultancies forced to permanently shut up shop while the rest of the sector experienced a drop of 25 per cent in overall billings, Ten Live’s success to date is even more remarkable for a business that only opened its doors in January.
“Competition in the recruitment business is fierce. But because of our strong backgrounds in the areas of Distribution, Manufacturing, Engineering and Scientific recruitment, we have forged a number of very close business partnerships with several national recruitment companies to whom we second tier.
“Where I believe we stand out from our competitors is that we are hungry for the business compared to many others who don’t seem to be as driven as we are. This, combined with a reputation that both Joanne and I built up over the years for providing a quality service with strong customer focus and while achieving what we say we will, has instilled trust with both clients we have previously worked with and new clients we are converting weekly as Ten Live - it’s simply back to basics recruitment that has proven to be a winning formula,” he added.
When Ten Live started trading in January their initial forecast for Year 1 was £1.5m. However, with four additional staff recruited to the business and between 90 and 120 temporary and contract staff placed each week, these figures have since been revised and the company is on course to achieve a turnover of £2.1m for their full first year. But the Telfer’s attribute much of their success to the strength of the support network they have behind them.
As Gary Telfer explains: “We have surrounded ourselves with talented, positive, professionals who have a keen interest in helping the business grow, such as Support Services Group whose extensive experience in setting up recruitment consultancies like ours quite literally enabled us to set our business up for success from day one - taking away all the stress associated with branding, web presence, factors, legislation, HMRC, accounts and payroll. Their expertise has enabled us to focus us on our expertise.”
So with more and more recruiters looking to start their own consultancies, what advice would Ten Live give?
“Ultimately, focussing on the positives and your integrity as people is critical to the success of any business,” says Mr Telfer. “Be prepared for a sleepless first 3 months, but remain positive and believe in your ability because there is plenty of business out there for everyone.
“And if you have ambition matched with a good business plan, surround yourself with like-minded people who can give you the ongoing support you need to make your business work such as Support services Group, supporting you every day without compromising your own identity.”
Clare Armstrong, director of operations and policy at Support Services Group, said:
“From our initial meeting with Gary and Joanne in Scotland, it was clear that they had the necessary skill, ambition and determination to build a really successful company. We are proud to have been able to support them on their journey and look forward to working with them as they continue to grow their business.”
Ten Live are currently looking to add to their team with the appointment of XX new recruitment consultants to be based in their offices near Glasgow. For more information about the opportunities available, please contact Gary Telfer on 01236 702007 or email info@tenlive.co.uk
*Source: Office of National Statistics, 13th October 2010
About Ten Live
Established in January 2010, Ten Live is owned and managed by the company’s co-founders, Gary and Joanne Telfer. The company specialises in recruiting both temporary and contract staff for clients within the Distribution, Manufacturing, Engineering and Scientific sectors. Based in Coatbridge on the eastern outskirts of Glasgow, Ten Live service clients throughout the whole of Scotland and northern England with plans to extend their geographical reach in the foreseeable future.