Leicester recruitment firm lands £9m funding deal
A Leicester-based recruitment firm has expanded its UK office network after securing a £9m finance package from Lloyds Bank Commercial Banking.
Encore Personnel now operates over a network of ten locations, after opening a new office in Derby in the last 12 months. The business places over 4,500 temporary staff each week in contracts from mainly industrial, engineering and driving sectors. Last year it generated revenue growth of nine per cent to £58.4m and was named one of London Stock Exchange’s 1000 Companies That Inspire Britain.
The business says it will use the cash to grow its managed service offering, supplying experienced staff to firms that outsource their day-to-day management responsibilities.
Future plans for growth also include moving into new sectors, such as aviation.
Pete Taylor, operations director, at Encore Personnel, said: “Our people remain our principle asset, so finding and maintaining a strong pool of talent is our main priority. This is especially important now as we open new locations and broaden our offering.
“The facility we’ve received from Lloyds Bank enables us to better service our existing clients, as well as expand into new offerings, including expansion of our managed services provision. This is a great opportunity for us to take on larger pieces of business, so it’s essential that we have the labour resource quickly available.”
Sarah Lea-Smith, client manager at Lloyds Banking Group, said: “Encore continues to go from strength to strength and has a real ambition to further push for growth, particularly targeted at its new branches and services. It’s positive to see that demand is still high, with many new contracts on the horizon for Encore in a range of industries, from industrial to technology.
“Amongst a period of uncertainty, putting measures in place to support continued growth is more important than ever and supporting this is part of our commitment to helping Britain prosper.”
