CRG to go shopping after £4.5m funding deal
SPECIALIST North West health sector recruiter Castlerock Recruitment Group, is on a growth drive and looking to acquire other agencies after securing a £4.5m funding package.
The finance from Centric Commercial Finance a combination of invoice discounting and term debt, will enable the St Helens company to seek out new investment targets.
It will also support the fulfillment of five recent contract wins from customers including the Government Procurement Service and Richmond-Upon-Thames Council.
CRG, which has already made nine acquisitions in its 13 year history, is currently in early stage discussions with four new prospects.
Chief executive Ian Munro said: “CRG has enjoyed strong organic growth over the past 12 months with projected group turnover for 2013-2014 set to top £24 million.
“Centric’s funding package sets us in good stead as we eye new investment targets. Of particular interest are companies in which we can take a majority stake, particularly in the healthcare or general recruitment space.
“We’ll also consider distressed businesses as potential targets, since we have an excellent track record of reversing the fortunes of ailing companies. This flexible multi-million pound facility will allow us to increase CRG’s share of the healthcare market, as well as enabling us to expand into the general staffing and outsourcing solutions arena.”
Stuart Bates, director of Centric Commercial Finance, added: “The knowledge and expertise we have built up within the care sector has enabled us to work effectively with CRG. Our aligned vision at board level, along with our commercial appetite and flexibility, exactly matches the requirements of the business and its plans for growth.”
CRG has 130 staff across the UK, has a number of sub-brands including: CRG Healthcare, CRG Homecare, CRG Defence and CRG Doctors.
The company will also continue to receive support from the North West Fund for Development Capital.
