Fircroft seals £46m refinancing
A NORTH West technical recruitment company is driving forward international expansion plans after a £46m refinancing deal.
Sale-based Fircroft Engineering Services has completed a £46m debt refinancing led by Barclays Corporate.
The family-owned company, which counts Bentley Motors and National Grid among its customers, provides of recruitment and outsourcing services to specialist technical industries with a network of more than 250,000 contractors across 30 countries worldwide.
The group is on track to grow turnover to £400m and has grown into emerging markets in line with the expansion of oil and gas exploration.
Johnathan Johnson chief executive of Fircroft, said: “Our operation has become increasingly internationally focused in response to the globalisation of the oil & gas industry.
“This reflects part of our current strategy to drive growth in emerging markets by gaining additional global contracts and attracting new international clients.”
Michael Cohen, Fircroft’s finance director added: “The refinance provides the business with a platform to continue our growth aspirations and the increased funding package could not have been achieved without the strong support of Barclays Corporate, who remain our core bankers.”
The company has 29 offices throughout the world and employs 300 people, jalf in the UK. In the North West it has offices Warrington, Crewe, London, Whitehaven and Aberdeen as well as its HQ.
Fircroft was advised by the Manchester office of accountants Grant Thornton in the transaction.
AJ Karwa, corporate finance associate director said: “Fircroft’s intention is to focus on growth from their strong base to become the leading global supplier within its niche.
“The increased facility is a testament to the strength of the business despite the difficulties in the debt market.”
