The Cashroom Limited closed its first round of funding, taking £500,000 from a business angels
At the end of October, The Cashroom Limited closed its first round of funding, taking £500,000 from a business angle.
The Cashroom is a Business Process Outsourcer, providing a specialist service to the legal profession. It provides an outsourced legal cashiering and accounting services to solicitors across the UK, disrupting the current market where most firms employ in house teams. Over the last 5 years turnover has grown from £370,000 to £1.1M. At the end of August 2015, they acted for 46 law firms in Scotland (around 4% of the market) and 16 in England and Wales. The Cashroom has offices in Livingston, West Lothian, Skelmersdale, North Lancashire, and London.
David Calder, Managing Director said “Over the last 5 years we have proved our business model in Scotland, and over the last year, have proved it in England and Wales. Over the next 5 years we plan to grow our market share rapidly across the UK. This investment allows us to invest in IT systems and business processes, open 2 new regional offices, and open a Shared Services Centre in Belfast..”