A Life Sciences recruitment firm has this week secured a seven-figure funding package from Lloyds Bank Commercial Banking to expand its international footprint with plans to double its turnover within 12 months.
Concilium Search, which is headquartered in the City of London and has offices in New York and Amsterdam, specialises in the permanent and contract recruitment of top-tier candidates across four core industries including life sciences, industrials, IT and management consulting.
Established in 2015, the company increased its turnover by 55 per cent from £7,501,860 in 2017 to £11,623,300 in 2018 and is forecast to double its turnover again to over £19m this year. The business employs more than 50 people and services clients in over 40 countries across Europe and North America.
The seven-figure funding package forms part of Lloyds Bank Commercial Banking’s commitment to deliver £2.6billion to firms in the capital in 2019 and will enable Concilium Search to support its cash flow as it grows the global presence of the business.
This follows a successful year for the firm, with the opening of its New York office in late 2018 boosting global average monthly sales by 30 per cent, and the launch of its Amsterdam base increasing European sales by 35 per cent.
With Lloyds Bank’s support, Concilium Search will invest in growing its three offices and its international client base. It aims to double its turnover in the next 12 months and expects to create up to 35 new jobs over the coming year.
Maduka Okeke, CEO, said:
“We have a trusted reputation and proven track record of not only placing high-quality candidates in a range of roles in the life sciences, industrials, IT and management consulting sectors, but also building long-term partnerships with our clients, helping to drive their companies forward.
“Lloyds Bank has taken the time to understand who we are as a business and our goals, which has led to it providing a funding package that’s suited to our needs. With Lloyds Bank by our side, we have every confidence we’ll realise our wider and long-term ambitions, growing both our headcount and client base.”
Marcus Carolan, associate director at Lloyds Bank Commercial Banking, said:
“The recruitment industry has grown consistently in the last few years and is fast becoming one of the UK’s leading and most dynamic sectors – boosting both the economy and the labour market.
“As the launch of the firm’s New York and Amsterdam offices in 2018 show, Concilium Search is a prime example of an ambitious firm that has a clear vision of how to grow as an expert in its field.
“Supporting Concilium Search on its growth journey, by providing it with the capacity to implement its strategic expansion plans, without impacting day-to-day cashflow, is just one way we’re helping Britain prosper.”