Vital secures £21m refinancing package
SALFORD-based industrial recruitment firm Vital Services Group has secured £20.9m to finance the growth of its engineering services business.
Vital Services Group, which has a turnover of £80m, supplies rail, mechanical, electrical and construction personnel.
The refinancing package has been supplied by French bank Credit Agricole Commercial Finance.
The company said it will be used as working capital and to help grow the business in certain markets. The bank replaces Vital’s previous lender whose identity was not disclosed by the group.
Finance director Rob Johnson, said: “Through the refinancing of the business we hope to take advantage of the strengthening conditions in our core markets.
“It is an exciting time as the deal will enable us to grow in 2011 and beyond, with
the support of a funder who understands our business and who has a willingness to commit the additional working capital. This will allow us to expand our core businesses and provide enhanced levels of service to our customers.”
The refinancing was led by Jason Hiley, pictured, of the Manchester office of accountancy firm PKF. Legal advice to Vital was provided by Peter Bibby of AB Corporate, with Credit Agricole advised by Helen Corner at Addleshaw Goddard.
