The Recruitment Group
Posted: 11th May 2020 | Share
Leumi ABL completes re-financing deal to support the MBO and future growth of a West Yorkshire Recruitment Group of companies alongside NPIF – FW Capital Debt Finance.
The Recruitment Group has recently refinanced with Leumi ABL via a structured £15m Receivables Finance facility to provide the working capital and support the MBO. In addition, a £500k loan to secure future growth came from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
The Management Team commented: “We were clear from the outset that working with an asset based lender would enable the business to secure the right facilities for the MBO and growth. After speaking with contacts within the professional community, we contacted a select number of recommended ABL’s and from the very outset Leumi ABL set a pace and responsiveness that stood them out from the competition. Throughout the process our Regional Sales Director was always in contact letting us know what was happening, breaking down the options and offering thoughts on how to structure the funding to best suit our current and future business needs. His personable approach struck a chord early on and when backed up by a well thought through debt package at really competitive prices we were sold. During the process our finance team were introduced to the wider Leumi support team who would ultimately take on the day to day management of our account, the training and support they offered coupled with a feeling they understood our business instantly added to our confidence that we had found the right partner. We look forward to growing our business with the support of Leumi and FW Capital.”
John Walsh, Leumi ABL Regional Sales Director, added: “The structure of our Receivables Finance, working alongside the FW Capital Growth loan package, provides a solid funding base from which the business can drive future growth aspirations. Once again we were able to structure the deal and demonstrate our refreshing approach, flexibility and timely response, enabling Leumi ABL to be the preferred ABL funding partner.”
Anne Blanden, Investment Executive at FW Capital, also commented: “Our £500k NPIF loan will enable the business to deliver on their exciting growth strategy, following the MBO. This was an established business with a highly experienced management team and our funding will assist as they grow their customer base, create jobs and increase profitability. Working alongside Leumi, we have been able to provide the Recruitment Group with a great platform for the next stage of their business development. This investment is a great example of how NPIF continues to provide vital funding to businesses across the North of England and strengthens regional economies. At FW Capital we are delighted to facilitate growth loans from NPIF that make a real difference.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union, using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.