Recruiter Rullion targets growth with £35m funding
RECRUITER Rullion, which provides permanent and temporary staff for the IT, construction, engineering and financial services industries, sealed a £35m funding deal.
The family-owned Altrincham headquartered company, which has 260 staff nationally, says the working capital facility from RBS Invoice Finance will support organic growth and allow it to develop new business opportunities.
Founded more than 30 years ago by chairman Themis Saoulli it is a top 20 UK recruitment agency by turnover and is the 6th largest independently owned agency.
Most recently-filed accounts for 2010 show the company made profits of £2.1m on revenue of £228.3m.
Rullion has already outperformed its December 2011 budgets as it continues to benefit from high demand for flexible labour.
Future growth plans include diversifying business streams into new areas to complement existing operations.
It currently has five divisions, Rullion Engineering, Rullion IT Plus, Rullion Build, Rullion Resource and Rullion Solutions.
Managinf director Robert Scott said:”Our continued growth over the past three decades is testament to the hard work and commitment of all our employees and our long lasting supply relationships.
“The new funding line provided by RBSIF gives us a facility to support this continued growth as well as a relationship with a bank that has taken the time to understand our business and offer the appropriate working capital line.”
Andy Pickford, corporate development director at RBSIF added: ““Rullion has a top-rated management team that has impressed us. The company has grown significantly over the last 30 years and responded positively to the changing economic conditions to ensure it stays at the forefront of the industry.
“The working capital line is a flexible structure that supports the day to day operational demands of the recruitment business as well as offering headroom to support future growth.”
The deal also sees Rullion bring its banking facilities under one roof with its day-to-day business banking handled by the bank’s corporate and institutional banking team.
