NES growth boosted by £105m refinancing
INDUSTRIAL recruitment specialist NES Group has completed a £105m refinancing deal.
The private equity-owned company, which trades as NES Global Talent, has sealed a deal with existing lender Royal Bak of Scotland and HSBC.
Finance director Stephen Buckley told TheBusinessDesk.com: “This is great news for the business as we now have a banking club and facilities that can expand and support the working capital requirements of the business for the forseeable future.
“We’ve grown at a compound annual rate of 22% for the last eight years so this was a key step in the development of the business.”
The Altrincham-based company, which supplies fill and part-time technical and engineering staff to the oil & gas, power, rail and pharmaceutical sectors, has more than 30 international offices and counts AMEC GSK, Shell, BP, EON, Siemens, Total, and Chevron among its customers.
NES, which in the year to the end of October saw turnover surge by more than 30% to £380m, is looking at further international growth, with Africa thought to be on the agenda. In the same period ebitda rose 28% to £16.8m.
In 2011 it opened overseas trading offices in Azerbaijan, the Netherlands, Russia and South Korea. Operations outside of the UK now comprise 67% of profits and 66% of revenues.
