Fircroft switches to HSBC

INTERNATIONAL technical recruitment group Fircroft Engineering Services has switched its banking to HSBC.

The family-owned Warrington-based group – which is in the midst of a process to take on private equity investment to drive its growth – says HSBC’s global reach is more suited to its needs.

Originally Fircroft provided recruitment services to oil and gas companies operating in the North Sea, but has expanded into the automotive, mining and minerals and energy sectors.

It has “significantly expanded” its facilty with the move from Barclays and it will also be accessing HSBCs invoice finance service.

Founded in 1970 by John Johnson, but now run by his son Jonathan,39, According to most recently-filed accounts, Fircroft made profits of £6.3m in the year to the end of August 2010 on turnover of £405m. 2011 turnover is understood to have risen to £550m.

Johnathan Johnson, said: “The past 40 years has seen Fircroft establish itself as a leading provider of technical human resource services on a global scale, and we remain focused on further growing the business in markets where energy exploration projects are taking place.

“The support and expertise that HSBC can offer across our international network makes it the obvious choice of banking partner as we look to Fircroft’s next phase of growth.”

Alan Rigby, head of corporate banking at HSBC in the North West, said: “Fircroft has grown steadily to achieve success on a truly global scale and HSBC’s international expertise will allow us to support the business in virtually all the markets in which it currently operates.”

Fircroft was advised by law firm Addleshaw Goddard (Helen Corner and Jill Parker), while Eversheds acted for the bank.

The Manchester office of investment bank Altium is advising the Johnson family on the potential deal.