Thorold Dewling has been trading for a decade, originally as an oil and gas recruitment business but following the 2014 dip in oil prices, branching out into outsourced payroll, HR, recruitment and contractor management for all sectors.
It is a model which is booming in the current climate, and the company is enjoying phenomenal growth thanks to an unprecedented combination of factors. The economy is starting to pick up in the wake of pandemic lockdowns. Companies are wanting to save money and so many are choosing to outsource payroll and HR functions. Simultaneously businesses are not hiring permanent employees but rather opting for temporary staff as they assess market conditions. And finally, the high price of oil which is hugely advantageous for the UK oil production industry.
“We’ve just had our best ever month,” explains Thorold Dewling co-founder, George Reed. Nevertheless, this high-tech, cash-hungry operation has a bottom line punctuated by weekly outgoings in the form of payments to workers, but less frequent income via monthly invoices. George continues, “It’s been tricky, especially in the last six months where support schemes such as furlough have been closed. There was a gap in our funding. So like a lot of company owners, we’ve had to take on debt.”
George was introduced to MaxCap through a broker. “We turned to MaxCap and said, ‘This is the gap. This is how much we need.’ And they agreed and gave us the loan. They’re not a traditional lender and they’re ideal for businesses that are growing rapidly and who need funds quickly.”
“Some of the funding from traditional banks is difficult to access in short time frames and because we’re expanding so rapidly, we really need options like MaxCap. They make decisions super-fast. You get the cash really soon.” George elaborates, “Literally once we’d agreed the loan, once you’ve signed all the paperwork, and they’ve assessed your bank accounts, they make the quickest judgement and then it all goes through really easily.”
CEO of MaxCap, Alex Littner emphasises this focus: “We are a new lender in the UK market, set up specifically to support businesses during these challenging times. Whilst other lenders have backed away, we are here to help! And it’s great to see how this approach is working for businesses like Thorold Dewling, helping them thrive, not just survive.”
George was also impressed with the professionalism and attention to detail displayed by the team at MaxCap. “They really do understand our business. They’re friendly. Decent. They’ve been so helpful. It’s a great organisation. I’d highly recommend them.”
Regarding the outlook for the future, George is buoyant. “We’re bouncing back now. We’ve got the most number of temps, the most number of contractors that we’ve ever had, which is great. Our strategy is to get in as many contractors, temps and construction industry scheme placements as possible across a range of industries. We also want to develop the tech around payroll. And while – in the UK – Aberdeen is booming, we’ve also got a lot to do internationally as well, with an office in Dublin and involvement with oil projects in Africa. So, we’ll probably be MaxCap clients for a long time, because of the ease and speed of their funding. They’re just really impressive.”
Click here to find out more about Thorold Dewling & Co Ltd.