Staffing 360 Solutions Inc., a staffing provider with operations in the UK and US, announced that it has amended its Invoice Financing facility with London-based bank HSBC to allow for further acquisitions in the UK.

In line with the group’s mergers and acquisitions program, this new arrangement replaces the existing agreements on the same favourable terms:

-        Facility Limit increased from £11.5 million to £20 million

-        Advance rates against eligible invoices of 90%

-        The arrangement will be subject to the usual cross company guarantees between the UK legal entities and customary financial reporting and monitoring

-        Term Debt loan of £11.5 million repayable over a three-year period

The group had announced in February 2018 that it had signed an agreement to enter an invoice financing facility with HSBC to cover its three business units in the United Kingdom. The agreement covers Longbridge Recruitment 360, The JM Group, and the acquisition of CBSbutler.

"Following a transformative 2017, we have started 2018 on a strong footing setting new revenue and gross profit records along the way," Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions, said.

"HSBC has been a great partner by completing the transaction process in just two weeks. As a result, we have strengthened our relationship with them to allow for further future expansion within the group,” Flood said.

David Faiman, Chief Financial Officer, also commented, "As I stated back in February, we had an aim of getting our UK business onto a positive financial footing. We achieved this with the initial refinancing. This change allows us to grow our UK business and to improve our position in the market. The terms are the same attractive terms that we agreed to in February."

Nick Hicks, HSBC's Area Director for Sussex & Surrey Corporate Banking Centre, said: "We are delighted to be supporting Staffing 360 Solutions with this new increased funding facility which will enable the business to continue to flourish in the dynamic UK recruitment market. We look forward to our relationship continuing to develop further in 2018."

Staffing 360 Solutions reported revenue for the first quarter of 2018 of $55.8 million, up 37.0% from the same time last year.