AN outsourcing HR company is looking to double its sales from ?500,000 to more than ?1m following a third round of funding from venture capital firm Northstar.
Gateshead-based Deminos offers an HR and employment law service to SMEs and has recently opened further offices in London, Leeds, Nottingham, Manchester, Bristol and Reading.
Neil Atkinson founded Deminos five years ago with his wife Louise who worked as an HR manager for cement supplier Cemex.
He had previously built up and sold a map design company, and before that launched an IT business importing and selling computer accessories.
The ?120,000 boost has come from Northstar?s accelerator fund and is being used to create a number of new jobs including HR consultants, support and administration staff.
Atkinson hopes to up his 17-strong workforce to 20 in the next 12 months as well as grow its turnover by more than ?500,000 in the next two years.
He said: ?The business started out with just my wife and me but now we employ 17 people full-time.
?For smaller firms it?s not always worth having your own HR people and larger companies often want support for their in-house team. We can also provide expert employment law advice.
?I just got used to managing staff in small businesses and thought that there would be a market for providing human resources advice to SMEs as more looked to outsource the work.
?We?re doubling in size every year and we want to keep that rate going. This latest funding is really to pay for marketing and to bring in some extra sales staff because it has just been me for the past five years.
?This is the third round of funding that we?ve received from Northstar since we started and that has been used to boost our rate of growth quite considerably.?
As more businesses look to cut costs by outsourcing the work of personnel departments, Deminos has built up a national client base of firms with workforces ranging from two to 700, although the bulk of clients are SMEs with around 70 staff.
Rebecca Crawford, fund manager at Northstar, said: ?Consultants are currently very busy advising companies looking to restructure their operations.
?But as the economy picks up, the jobs market will see growth and Deminos is ideally placed to take advantage of this.?
Deminos has around 140 clients around the UK including Aspers, Toni & Guy and housebuilder Macbryde Homes.
The accelerator fund is backed by the European Regional Development Fund and European Investment Bank.
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