Recruitment company signs £100m facility as turnover approaches £1bn

Spencer Jones
X The Business Desk

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Warwickshire’s Pertemps Network Group (PNG) has signed an invoice finance facility of up to £100m to help promote growth.

The new agreement will support the specialist recruitment company as it seeks to move into a new phase of expansion and investment as its turnover approaches the £1bn mark.

The new facility has been signed with RBS Invoice Finance and ABN AMRO Asset Based Finance.

PNG chief finance officer Spencer Jones said: “Against the backdrop of market uncertainty and some very challenging economic times, this new arrangement demonstrates just how strong PNG is as a group financially and we are delighted to be moving up to this level.

“We have made the move as we look to further develop the business in the future.”

The new facility is for a three-year period, and the group continues to be subject to no financial covenants.

Newly appointed group chief executive Steve West said: “This new facility sends out a strong message about PNG, its impressive track record, and demonstrates the external confidence in the leadership and strategy the Group has for the future.

“This arrangement will allow the company to continue its strategy of organic and acquisitional growth as Pertemps Network Group continues to take the lead in the UK’s recruitment sector.”

Andy Barraclough, head of regional asset based lending, NatWest, added: “We are delighted that we could help PNG achieve cash flow security with this new invoice finance facility. NatWest is the biggest supporter of businesses in the UK, and this transaction demonstrates our commitment for key ‘UK PLC’ projects and our ability to analyse, structure and transact at a tricky juncture for the UK and industry due to the impact of the COVID-19 pandemic.”

Jeremy Smith, director, corporate client origination at ABN AMRO Commercial Finance, said: “Pertemps Network Group are one of the largest players in the UK recruitment sector and we are delighted to have partnered with RBSIF and NatWest in delivering an enlarged working capital facility to support their continued growth.”