08 March 2021

Security and control of cash supports Rullion’s growth plans

As part of its move to HSBC, Rullion unlocked the benefits of HSBC’s cash management solution, providing the efficiency, visibility and security the business needed to enhance its operations and provide a strong platform for growth.

Background

Recruitment firm Rullion was established in Manchester in 1978. Since then, it has expanded its national presence and supports many of the UK’s leading and most recognised businesses. Family-owned, Rullion now sits within the top 20 recruitment firms in the country and annual turnover is in the region of £400m.

Specialising in areas including IT, infrastructure and construction, Rullion also offers a managed service provision, embedding deep relationships with its customers and providing a partnership-style service.

We were also happy that they would be able to support our growth ambitions, particularly internationally.

Matthew Hart, Finance Director, Rullion

The challenge

The nature of the recruitment sector means that businesses operating within it require a high volume of payment processes, delivered quickly and accurately. “We were already familiar with using an electronic system to manage our accounts,” says Matthew Hart, Finance Director at Rullion. “So when we refinanced to HSBC and transferred our transactional banking, it was important to at least replicate that if not increase its efficiency.”

Key to the decision to refinance the business and the drive to go out to tender, was Rullion’s growth ambitions. “HSBC came in with a compelling offer, which was really too good to refuse. We were also happy that they would be able to support our growth ambitions, particularly internationally,” says Matthew.

Alongside the refinance, Matthew was also looking for transactional banking solutions to support the company’s growth agenda – including invoice discounting and a cards programme to optimise the firm’s working capital. “We also wanted high visibility of our cash management and the ability to increase security as the business grows,” says Matthew.

The solutions

“HSBCnet offered us the complete package,” says Matthew. “Our business consists of different legal entities aligned to the sectors we operate in and HSBCnet provides a consolidated view across all the companies that make up the Rullion Group, which makes it easy to monitor accounts.”

HSBC’s deep understanding of the recruitment sector was important in delivering the support Rullion needed, explains Barkhad Mire, Senior Cash Management Consultant at HSBC. “That sector experience gave us a head start when it came to discussing exactly what Rullion needed from a cash management solution,” he says. “Liquidity was obviously important, especially with the growth plans in scope, but so too was visibility and efficiency. That consultancy approach has proved crucial as we deepened the relationship with Rullion.”

Integrating Rullion’s files with ERP directly into HSBCnet also provided benefits, says Matthew. “Creating a format for our Faster Payments meant that upload was easier and more efficient. Additional automation plays into further operational efficiencies and helps us enhance the experience of our own clients.”

That element of visibility and control extends across the company’s Invoice Discounting facility, with HSBC providing a weekly view of the company’s position as well as a rolling picture. “It provides us with all the metrics we need to monitor that facility,” says Matthew.

Having people I can speak to and who I’ve built a relationship with really matters and it does mean that if I need something to happen, it gets done.

Matthew Hart, Finance Director, Rullion

The process

Having a dedicated contact to support the business through the transfer and implementation process made a real difference, explains Matthew. “Continual dialogue through a central point of contact within the overall implementation team was really valuable,” he says. “It kept everything on track and, even when an issue arose with the transfer of BACS payments, HSBC kept us informed of that.”

That level of support didn’t just end once the transfer was complete. “There was a level of aftercare to ensure that everything was running as expected, that we were set up on HSBCnet properly and so on, and again having that ‘go to’ contact was really useful.”

Rullion also took the opportunity to add in additional security. “With the growth we’ve seen in recent years, we’re now a much bigger firm than we were when we initially set up our electronic banking system with our previous bank,” says Matthew. “Many of the team here have been with the business for 25 years plus so there’s a level of implicit trust, but moving to HSBC gave us a chance to overhaul our systems, future-proof the business and ensure that the security we now have in place is able to support our plans. Steps, for example, include requiring more than one person to authorise payments.”

One of the most important and valued benefits, says Matthew, is having named people to contact if the need arises. “Having people I can speak to and who I’ve built a relationship with really matters and it does mean that if I need something to happen, it gets done.”

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