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UK – Two recruitment firms secure funding

02 September 2014

In a positive signal that the recruitment industry in the UK is a sound investment, two recruitment firms, Assist Resourcing Group and NES Global Talent, have secured funding deals with two separate banks.

Bury-headquartered recruitment business Assist Resourcing Group, which focuses on the industrial, logistics, and construction sectors, has secured a £17 million banking facility with Lloyds Banking Group.

The company is set to achieve revenue of £80 million in 2014/15 following the acquisition of Top Gear Recruitment in May 2013. By 2017/18, the company has forecast that it will achieve annual revenue of £150 million.

Dave Dargan, Founder of Assist, said: "We have seen some fantastic performance over the past two years and have been joined by some very talented people that have helped us achieve this. The recent refinancing with Lloyds will support us in the next phase of our journey. We have some challenging targets to reach our £150 million milestone but if you look at the track record of the business we have been achieving some great things."

John Csizmadia, Relationship Director for Lloyds Commercial Banking, said: "The temporary recruitment sector in the UK is the largest in Europe. Assist Resourcing Group is at the forefront of this growing market and ideally placed to benefit from the continued economic recovery and subsequent drop in unemployment."

Cheshire-based recruitment firm NES Global Talent, which provides recruitment services to the oil & gas, power, and life sciences sectors, has secured a new £10 million funding deal with RBS Invoice Finance.

The funding will assist the company in the achievement of its growth objectives, supporting its day to day working capital needs in the UK, whilst providing additional headroom for growth.

Andrew Collis, UK and Europe Finance Director at NES Global Talent, said: “Until last year we had worked with RBS Invoice Finance for 14 years. During that time we had developed a great relationship with the team, found their systems easy to use and the financial support we were given was excellent. As a result it made perfect sense for us to return to RBS Invoice Finance for the working capital support we now need to support our growth both in the UK and overseas.”

“The invoice discounting line we have secured provides us with a flexible and user friendly facility that we are familiar with and gives us excellent levels of headroom enabling us to continue to invest in our growth and expansion,” he added.