Seedcorn Fund Case Study
XCL Management is a new global recruitment agency that started trading on 1 August, 2013.
It was established by experienced Yorkshire entrepreneur David Gallagher, who has worked in the recruitment industry for over 30 years, and his son Ewan.
XCL specialises in management and director level recruitment for civil engineering, waste management and renewable energies, pneumatics and hydraulics, and financial services.
The Holmfirth-based recruitment company employs 12 members of staff, and has offices in Holmfirth, Wakefield and Manchester.
XCL Management had a well-developed and ambitious business plan but needed support on a strategic level to help move the company forward.
It also needed an investor to help with expansion in terms of offices and staff, and technology.
David said: “Attracting the right people and positioning ourselves in the right sectors is the biggest challenge of all right now. We need to get our website up and running and our company up to speed on the latest technology.”
Finance Yorkshire’s Seedcorn Fund invested £200,000, enabling XCL Management to hire specialist consultants, open new offices, develop the company website and progress a digital marketing strategy
Finance Yorkshire is also providing board level strategic support.
The Investment Rationale
Graham said: “David has an impressive track record of building and growing companies within the recruitment sector.
“His innovative approach allows him to compete in a crowded market and we are confident that his strong reputation will enable the company to grow quickly.
“The Seedcorn Fund invests in innovative businesses with the potential for rapid growth and XCL Management fits this profile.”
XCL Management has ambitious expansion plans.
David said: “The investment will help us to achieve our initial growth plans and the valuable strategic input and business opportunities that come alongside the investment will be welcomed by the team.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire