Staffing 360 Solutions, a recruitment firm with operations in the US and UK, today 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 most recent acquisition of CBSbutler.

“As I have stated before, Fiscal 2017 was a transformative year for the company and we are very pleased to start the new year with the completion of another major refinancing following those that we completed in the United States in September,” Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions, said.  “HSBC has been a great partner to CBSbutler over the years and now, with a larger offering from them, we are looking forward to the wider UK business enjoying the same level of service and relationship, at a significantly improved overall cost.”

The group stated that, in line with management’s emphasis on improving the financial health of the company, the new arrangement replaces the existing agreements on ‘materially more favorable terms’:

• Facility limit of £11,500,000
• 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

“With the completion of the CBSbutler acquisition, we needed to ensure that our UK business was placed on a sound financial footing. The terms of the transaction are very attractive to us and the team at HSBC have impressed us at every stage of the process,” David Faiman, Chief Financial Officer of Staffing 360 Solutions, said.

Simon Smith, HSBC Regional Director, Global Trade and Receivables Finance, also commented, “We are delighted to support Staffing 360 Solutions with a new funding facility for its three UK businesses. We look forward to seeing the business develop further in 2018.”