BUOYANT conditions in Scotland’s oil and gas sector have helped turnover at recruitment firm Prime Staff break through the £10 million barrier this year.
Chief executive Danny McIntyre said the North Sea represented a major opportunity for the Glasgow firm, which celebrates its 20th anniversary this year, although it was keeping its options open regarding a move into Europe’s oil capital.
He said: “We would certainly envisage expanding into Aberdeen, but we’re filling positions from all over the UK and even Europe, so location isn’t critical.”
A recent report from Lloyds Banking Group estimated that more than 34,000 jobs will be created in Scotland’s oil and gas sector over the next two years, and trade body Oil & Gas UK has predicted that investment in UK waters would reach a record of at least £13 billion this year.
McIntyre added: “Oil and gas is a very new part of the business and it’s one of the areas we see as key for our future development.”
He said the recruitment firm has benefited from its long-standing relationship with Bibby Financial Services.
Prime Staff turned to the invoice finance specialist for support 13 years ago, when its turnover stood at £1.5m and it employed five people. Headcount at the firm has now risen to 24 and turnover is more than £10m.
McIntyre said: “Since we started working with Bibby our business has seen significant growth and we now deal with about 100 clients a week and about 700 to 900 temporary staff.”
He added: “The reason we initially opted for an invoice finance solution was that we had a number of large clients come on board in a short space of time, and the overdraft facility we had with the bank at the time didn’t give us the capacity to fund that new business. Now we can be confident that we can take on higher levels of business.”
Calum Williamson, managing director for Bibby Financial Services in Scotland, added: “Danny McIntyre has developed a very successful recruitment business over the past 20 years and part of that success is down to recognising the benefits of more specialist types of funding.”