Freshminds

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Overview
Growth Street made it easy and straight forward for Freshminds to access to the finance they needed
Established

2000


Location

London

Industry

Professional Services


Who are Freshminds?

Freshminds is led by Adam Clements and business partner James Callander. They are a hybrid professional services company, combining managed research projects with headhunting and an on-demand specialist workforce for commercial, strategic and analytical client challenges. These solutions combine to power the growth of companies across the UK and internationally.

The company was founded at the start of the millennium where they focused purely on their research expertise, before adding recruitment to their capabilities shortly afterward. In the last five years, Freshminds has enjoyed good levels of growth at an average of 15% - an impressive figure - which has allowed them to further invest in their capabilities and look to do more business abroad.

Today, they employ a total of 45 employees and have a substantial team of >100 contracted “Minds” that are placed to support clients with critical research and consultancy projects. In 2019 alone they completed over 2,300 projects.

What was their challenge?

The need for capital came from two angles. Their impressive growth encouraged one of their original founders to release the reins and offer an opportunity for the business to buy back his shares. But while they were looking to the future, a few months later, Freshminds discovered they also needed additional capital for a deposit to renew a lease on their offices that would support future growth and expansion.

Faced with two working capital challenges, Freshminds realised early that the credit they required would be substantial but were put off by the high interest and limited flexibility typically associated with traditional credit lines and asset based lending. They needed a flexible solution.

Growth Street is of the moment and the way funding needs to go in the future. Rather than the long, expensive, bureaucratic process." - Adam Clements
How did they find a solution?

Adam saw a Growth Street marketing campaign in early 2019 and got in touch with us right away, initially speaking to one of our Sales Team he confessed “she was really impressive… I wanted to hire her for Freshminds immediately”. Adam was impressed further by the ease of working with Growth Street, as “the application and due diligence process was quick and straightforward”. GrowthLine allowed Adam to find a funding solution that not only met the challenges he faced, but allowed Freshminds to draw down and repay on their terms, allowing them to be more aggressive with their growth plans.

Not only that, but our ability to connect to accounts via Open Banking and Cloud Accounting means Freshminds don’t need to prepare or send any financial information to us; “you’re able to get everything you need, which is great as it doesn’t mean there’s any extra work for us.”

How was working with Growth Street?

Adam is supported by a dedicated relationship manager who has been working on their account since the beginning and has been in frequent contact. The heavy lifting is all taken care of by connecting their Xero account to their GrowthLine which means Adam and James can spend more time making sure their company continues to grow.

Our Relationship Manager has been with us since the start, he’s been effective and in frequent contact with us, very helpful over all." - Adam Clements
What does the future hold?

Adam & James aim to continue their strong growth here in the UK and branch out their headhunting and consultancy business to projects in the US. We are sure that with our support they can continue to achieve great things both here and abroad.

Adam Clements

Managing Director

www.freshminds.co.uk