Assist Recruitment targets £150m revenue
ASSIST Recruitment, the Bury-based temporary staffing specialist, has agreed a £17m funding deal as it targets growing revenues to £150m in the next three years.
Assist, which is part of the Liverpool headquartered Assist Group, says its deal with Lloyds Banking Group, will support its ambitious strategic plans which include investing in its current markets and diversifying into other areas of specialised resourcing.
The company provides a range of resourcing solutions to high-demand businesses in the logistics, retail supply chain, food production and manufacturing sectors.
Having acquired North West-based Top Gear Recruitment in 2013, the business has continued its strong performance this year and is on target to deliver revenue of £80m for 2014/15.
Founder Dave Dargan 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 £150m milestone but if you look at the track record of the business we have been achieving some great things.”
Managing director Kevin Shute added: “We are building extremely valuable solutions for our clients. We have some great people with the ideas and commitment to make a real difference in our industry. We’ve added some great technology that’s helping us break new ground enabling us to build strong sustainable relationships with our customers.”
John Csizmadia, relationship director at 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.”
Assist were advised by Ian Johnson of North West accountants and business advisers Cowgill Holloway and Peter Bibby of AB Corporate.
Ian Johnson, corporate finance partner at Cowgill Holloway said: “We have provided strategic advice to Assist for a number of years and I am delighted to have participated in the transition to a funder who is well placed to support the next stage of growth for the business.”
