Redundancies, low unemployment rates and cuts in salary budgets have created a depressed recruitment market resulting in a drop in share prices for many recruitment companies across the South West. Independently-owned Panacea Sales Selection, which is based in Bristol and provides sales professionals to UK companies with a regional requirement, has turned over well in excess of £500k in its first year of trading, exceeding expectations by almost 30%.

Company directors Martyn Lax and Chris Cadd, who together have nearly 30 years recruitment and business experience, believe the current economic climate has benefited rather than hindered the company’s success.

“Market conditions and the business environment made establishing a new recruitment consultancy in 2002 a real challenge,” said director, Chris Cadd. “But the climate has generated a need for high-calibre sales professionals who can come straight into a business and add to the bottom-line. We knew from the start that we would be able to meet this demand whilst providing not only the added-value services that save companies time and money when recruiting but also in helping applicants achieve their choice in career.”

“It is unusual for a start-up company not to have any debt in its first year of trading and almost unheard of for it to be showing a significant profit,” added director, Martyn Lax. “Our services have been greatly received and this is a direct result of the unique way in which we operate with clients and applicants. The strength of our current position allows us to progress plans to grow the existing team and the consultancy. We already have wheels in motion to open two new branches in city locations in the UK over the next two years.”