The Holmfirth-based company, which was set up just three months ago by David and his son Ewan, specialises in management and director level recruitment for civil engineering, waste management and renewable energies, pneumatics and hydraulics, and financial services.
It will use the investment from Finance Yorkshire’s Seedcorn Fund to hire specialist consultants, open new offices, develop the company website and progress a digital marketing strategy.
XCL operates from Holmfirth, Wakefield and Manchester, and plans to expand into the London market next.
David, 62, who has worked in the recruitment industry for over 30 years, is well known for setting up Prime Time Recruitment, which he opened with six offices in 1992.
By 2007 the business, led by a strong management team and aided through acquisitions, had grown to 130 branches and was one of the UK’s top privately-owned recruitment firms when it was that year acquired by the Cordant Group.
“The investment will help us to achieve our growth plans and the valuable strategic input and business opportunities that come alongside the investment will be welcomed by the team.”
Finance Yorkshire will make further funding available to XCL Management based on the company’s continued progress.
Graham Davies, Finance Yorkshire investment manager, 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.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium-sized businesses meet their funding requirements for growth and development.
Finance Yorkshire is supported financially by the European Union.
It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.