NES agrees £10m funding deal for UK growth
INTERNATIONAL recruitment company NES Global Talent has announced a funding deal to support the growth of its domestic operation,
The Altrincham headquartered group has agreed a £10m deal with RBS Invoice Finance to support growth and working capital. The deal sees the parties renew a long-standing relationship, which temporarily ended nine months ago when NES refinanced to a US based facility.
The private equity-backed company, which provides manpower to the oil and gas, power, infrastructure, chemical and life sciences sectors worldwide, was founded over 35 years ago and now operates more than 40 offices in 26 different countries.
In the last year the company has achieved strong levels of growth and profitability with turnover increasing by 25.3% to $977.4m (£627m). EBITDA was also reported at a record high of $52.3m (£33.3m) up 35.8% from $38.5m (£24.3m) the previous year.
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.
“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. I am pleased to be working with Paul and the team again and look forward to achieving great results for the company.”
Paul Morgan, relationship manager, corporate at RBS Invoice Finance, said: “I was of course sad to lose the company as a client last year as we had developed an excellent affiliation with them over a long period of time during which our facility grew with them and helped them to grow to the phenomenal scale that they are now at.
“The fact that they managed to achieve such a significant refinance last year speaks volumes for the strength of the business and the abilities of its management team and I now look forward to working with them once again in the next stage of their journey. The fact that they have chosen to return us is very pleasing and I am delighted to welcome them back.”
