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Montash
Read time: 3 mins Added date: 06/12/2024
A London recruitment firm is expanding into America as the AI boom helps drive demand for its global pool of top tech talent, with support from Lloyds.
When businesses put their recruitment plans on hold while simultaneously switching to remote working during the pandemic, Andy Larholt, Group CEO and Founder of international tech recruiter Montash launched a new division called Remobi.
The new division recruits talented tech workers in places like Eastern Europe and South America, to work on projects for clients in the UK and Western Europe.
The strategy quickly paid off and Montash has doubled its headcount in recent years, with revenues forecast to hit £30 million in 2024 and £50 million in 2025, with further ambitious growth plans thereafter.
A fresh approach
The recruitment firm was founded in 2004 in Shoreditch with a focus on contract and permanent systems, applications and products specialists. But the team quickly realised that they were competing in a crowded market.
“The tech recruitment market is very cramped, so we’ve had a focus on overseas since day one.
“Germany was an early target for us and now more than 80% of our income comes from outside of the UK.
“Our biggest market is Western Europe, including Germany, France, Belgium, the Netherlands and Spain.
“But we’ve never stopped looking for the next opportunity to grow.
“Even though we have 20 years of heritage, we’re a hungry, driven company with so much potential that it feels like we’re still in our start-up phase.”
Andy Larholt, Group CEO and Founder, Montash
Looking to new horizons
Montash has also expanded to cover software developers, data specialists, cyber security and development operations.
Most recently, Artificial Intelligence (AI) is driving the firm’s growth, with particular interest from the US.
The group have on the horizon, setting up a base in Florida swerving the tech hotspots of San Francisco and Boston, where the market is less saturated, before expanding further to the east coast.
Andy continued: “AI is now dominating the scene, and the US is very forward thinking in this regard, so it is the natural next step in our progression.
“The growth of remote working is still phenomenal, with countries like Romania, Mexico, Argentina, Chile and Peru emerging as tech hubs and providing a pipeline of fantastic offshore talent that is in demand around the world.
“The support from Lloyds will continue to allow us to scale our operations, especially as we make inroads into the US market and grow our brands. We are excited about the next 20 years and the possibilities that lie ahead as we continue to grow and innovate.”
Montash has also implemented an Enterprise Management Incentive share option scheme, to allow some key members of the team to share in the company’s continued success.
It is expected that the group headcount will increase over 33% within the next 12 months, taking the total to 90 employees.
Flexible finance
All this activity is being supported by an additional £1.2 million working capital and Invoice Finance facility from Lloyds, which will help fund new markets and intensify recruitment.
The ultimate aim is to seek investment in 2025, with the team already having early conversations with potential investors.
“Invoice Finance is the perfect funding solution for recruiters, who typically have to pay their contractors’ wages before they get paid by the client, putting pressure on working capital.
“Invoice Finance provides early access to the money they are owed in unpaid invoices, and the facility grows as the business grows.
“That’s reflected in the fact that we’ve been Montash’s banking partner ever since the business was first founded, and we hope we’ll still be working together in another 20 years’ time.
“Because Montash has such a strong overseas client base, we’ve also been flexible and increased our usual export cap to 85% of issued invoices, so the business can make the most of its export opportunities.”
Graham Millward, Associate Director of Specialist Client Solutions, Lloyds
Factoring and Invoice Discounting may be provided by one or more of Lloyds Bank Commercial Finance, Lloyds Bank plc or Bank of Scotland plc. Asset Based Lending and Debtor Protection facilities are provided by Lloyds Bank Commercial Finance Ltd. or Lloyds Bank plc. Lloyds Bank Commercial Finance Ltd. Registered Office: No.1, Brookhill Way, Banbury OX16 3EL. Registered in England and Wales no.733011. Bank of Scotland plc: Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No.SC327000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no. 169628.
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