Healthcare recruitment agency, Sirona Medical Ltd (SML), has secured a £1.5m invoice discounting facility from asset-based lending (ABL) specialists Cynergy Business Finance (CBF).
Headquartered in Sawbridgeworth, Essex, SML was founded in 2015 by Ray and Natasha Sullivan. The business works with healthcare organisations across the public and private sector to support their staffing needs for a range of roles including nurses, doctors, support workers, social workers and more.
Mark Burrell joined Sirona Medical as Managing Director in 2016, further bolstering the business with his extensive background in medical recruitment.
Following an uplift in new business in the last few years, SML wanted to further expand its operations and required a re-financing facility to fund the next stage of its growth journey.
SML was introduced to the CBF team by Mat Stacey, Director, Head of Business Development at MAF Finance Group, and worked closely with the CBF team to secure a flexible invoice discounting facility that would provide the working capital it needed to take on new contracts and support the team’s growth plans.
Mark Burrell, Managing Director at Sirona Medical said: “Despite the industry facing challenges during the pandemic, we were able to pivot and as a result, have built a fast-growing, sustainable business model that we are excited to move forward with. To help us continue to develop our service offering, it was clear we needed additional funding that would sustain our operations as well as give a boost to our future growth plans.”
“It was great to work with the team at Cynergy Business Finance, who understood our business and our financing needs and were able to provide a tailored facility that we could not find elsewhere. The funding will allow us to continue growing throughout the UK, providing vital staffing support for the healthcare industry across the NHS and the private sector.”
Maxine Hennessy (pictured), Corporate Sales Director at Cynergy Business Finance said: “The strength of the Sirona Medical team and their combined experience is evident in the success of the business so far. As a healthcare recruitment agency, they have had to overcome challenges brought by the pandemic and build a market-leading business with notable potential.
"It has been great to work closely with Mark and Sirona Medical’s team, and we’re pleased to have been able to provide a facility that will not only allow the team to continue supporting healthcare professionals and organisations across the UK, but also give them confidence they need to take the next step on their exciting growth journey.”
