Pegbox

Funding & Back-Office Platform

A strategic shift to reduce risks, enhance efficiency and protect reputation

In this interview, Edward Sell, MD of Pegbox discusses the decision to switch from a problematic supplier to 3R.

Highlighting the smooth transition, error reduction, improved reporting, and overall stress relief that has enabled Pegbox to operate more efficiently and protect its reputation.

MEET PEGBOX

Pegbox is a UK-based technical recruitment consultancy with global expertise in sectors like motorsport, aerospace, engineering, maritime, defence and more. What truly sets Pegbox apart is their flexible, customer-focused approach, ensuring tailored solutions for both clients and candidates, driving satisfaction and long-term success.

145%

NFI growth in year 2 with 3R

100%

5* Contractor Reviews ‘Works perfectly'

100%

reduction in weekly payroll issue

A strategic move to protect Pegbox's reputation

Pegbox had been working with an alternative and competitor finance supplier to 3R since 2017. During that period, the supplier’s business began evolving in ways that negatively impacted the culture and service provided. As described by Ed, “They moved away from being a very responsive business, which was a bit of an issue because they occasionally made a mistake, and those mistakes were becoming more and more common. It was giving me a lot of headaches, heartburn, and I didn’t want it to start impacting the reputation of Pegbox.”

Additionally, he noted, “Each time there was a little fluctuation in the interest rate, they were putting their prices up, updating their terms and conditions every few weeks or months, becoming very, very one-sided and corporate.” This approach did not align with Pegbox's business model and unique selling proposition.

Ed needed to move away from these repeated mistakes, which were not promptly addressed, and wanted more control over pricing. While playing football with a recruiter friend, he was recommended to 3R. Although he didn’t know at the time that 3R would be the solution, he trusted the mutual connection, believing that highly recommended companies are often a good starting point when researching new suppliers.

Fighting the fear and doing things the right way

Ed reflected on his cautious approach, saying, “As you know, I'm a little bit risk averse. So it took me some time to decide, but the other supplier had pushed me to a point where I had to make that jump.”

Once the decision was made, the transfer process exceeded his expectations...

"The transfer steps and the way it was explained—how we would engage with my clients and how we would move across—was really good and indeed very, very smooth. The same with the onboarding of contractors, it was very helpful."

“As an established business, we went on a learning curve together, looking at our company processes, our habits with existing clients, and so on. It was obvious for you guys how your system operated and how to do these things in terms of my back office. I got put directly in touch with the finance department, and they ran through everything, building my understanding and making everything very clear.”

Ed acknowledged his initial concerns but praised the team's support. “The fear is justified, but you guys do the right thing in terms of making sure it works because you understand that you can't operate successfully in fear, with high risk every day. If people don’t have the fear factor, then they probably don't care about the contractors as much. They might just be too worried about the clients. You guys do really, really well in that respect—helping us to operate to our fullest potential.”

Reaping the benefits of a smooth transition to 3R

For Ed, the catalyst for moving to 3R was the increase in mistakes by his previous supplier. Reflecting on the difference with 3R, he noted, “Mistakes are usually because of the clients or the contractors; it has never come from you guys. In these instances, it's been jumped on, and you treat it as if it was your own mistake, which I've always thought was brilliant in that respect.”

Thanks to 3R's diligent processes and proactive teamwork, errors are eliminated early on, preventing issues with payroll and invoicing. Ed acknowledged this, saying...

“With your help, I've shielded clients and contractors very well. They don't need to worry about these things because everything's working well. It's been really good from that side, and I haven't had a complaint from any of them. So it's been fantastic.”

Ed also highlighted how his worries have significantly decreased since partnering with 3R. “I no longer have that stress on a Friday morning because we pay earlier in the week. If I get a text message at 5:00 AM from a contractor, it's usually now because they're probably not well and not going in, rather than ‘my pay didn’t hit last night.’ I've never had that issue since we've been working together. So, absolutely loving that.”

Additionally, Ed praised 3R's reporting suite and dashboard functionality, saying, “I do like the dashboard, particularly in terms of the processing of timesheets. It's really clear. The best report, especially when compared to my previous supplier, is the HMRC Intermediary Report. For starters, it's accurate, which helps a lot! So from that perspective, I'm finding it easy to use, it’s nice and simple.”

“The onboarding process with you guys is a lot simpler too and makes much more sense than what we had before. It's very smooth, removes the stress, and gives you the brain width to think about other things, which is quite important when you're running a business or just trying to have a life.”

“I no longer have that stress on a Friday morning because we pay earlier in the week. If I get a text message at 5:00 AM from a contractor, it's usually now because they're probably not well and not going in, rather than ‘my pay didn’t hit last night.’ I've never had that issue since we've been working together. So, absolutely loving that.”

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