"With the backing of the loan from The North West Fund for Loans Plus we can expand our team in the North West and continue developing our software."
 
eligibility checklist

Have a question?

Visit our list of Frequently Asked Questions

Read more
eligibility checklist

What type of finance do I need?

Our online eligibility checklist helps you see which type of finance might be right for your business.

Read more

Time to grow for software developer with £500,000 loan

Fund: Loans Plus

Manchester-based legal software company Rekoop is looking to expand with the backing of a £500,000 loan from The North West Fund for Loans Plus...

Rekoop's time-capture software currently helps legal professionals automatically complete their timesheets. Its blue-chip client list includes top legal firms such as DLA, Eversheds and Simmons and Simmons. The company is also a preferred partner of Advanced Legal, the UK's biggest provider of chambers management systems.  

The funding is allowing the company to recruit additional staff, develop Android and Windows versions of its Cloud-based software package, and continue to expand its international client base.

Rekoop currently employs 16 staff and plans to create ten new sales, software development and administrative roles in 2014 with the backing of the loan from The North West Fund for Loans Plus. It is also using the loan to expand its Manchester offices.

When the company launched in 2009 it was focused on developing software to complement other vendors' systems, Rekoop then moved on to develop its own software and today it
is a leading provider of Cloud-based time-capture software.

With a client-base which spans over 35 countries, Rekoop is experienced when it comes to international trade, Chief Financial Officer, Benn Latham said: "We have been fortunate in that some of our early clients had an international presence and also had the foresight to
roll out our software across their entire firms. This enabled us to scale internationally quickly and with limited risk.

"With the backing of the loan from The North West Fund for Loans Plus we can expand our team in the North West and continue developing our software.  This will strengthen our competitive advantage considerably and enable us to focus on new opportunities, both in the UK and abroad."

Rekoop's software, which is competitively priced and integrates with customers' existing systems, can offer significant returns on investment. The company hopes to develop the
software for use across the professional service sector as well as other corporate areas.

Chris Pestell, from FW Capital, which manages The North West Fund for Loans Plus, said:
"Rekoop has developed a comprehensive product which offers customers a range of significant benefits such as enhanced time recording and increased billing.  It continues to win new customers and in just over four years has built up an enviable client list which
includes five of the UK's top legal firms.

"Building on these foundations and their considerable insight in the legal sector, Rekoop's
management team can now accelerate their expansion plans with the backing of this loan. Our flexible loan structure enables them to fund their development costs and then repay the loan when the product goes on sale." 

For more information about accessing loan funding to grow your business please visit /funds/loans-plus



Back to article list