Specialist recruiter to invest following £18.5m refinancing

RECRUITMENT group Specialist People Services has secured an additional funding package worth £8.5m to support investment in the growing business.

The Bradford-based recruiter has completed an £18.5m refinancing of its debt with Yorkshire Bank, which includes its existing £10m debt facility alongside the additional £8.5m senior debt and working capital package.

The group’s unpublished accounts for the year to March 2015 are expected to show a 32% increase in turnover to £116m, driven by growth across its brands, which include Driver Hire and ISS Labour.

Chris Chidley, chief executive of SPS, described the funding package as “a great platform for long-term growth”.

He said: “On the back of the most successful year in the company’s history, this new backing from Yorkshire Bank is a ringing endorsement of our strategy of providing recruitment solutions for some of the hardest-to-serve sectors in the UK and Australia. 

“We are confident that 2015/16 will be another record year as we invest in the business.”

The financing package will be used for working capital and will fund capital investment in railway fencing and lighting for ISS Labour, which provides rail engineers for infrastructure projects across the UK.

The Yorkshire Bank team included Dan Rosinke and Gillian Teale, who received legal advice from Walker Morris. 

SPS was advised on the transaction by Richard Siddall from PwC in Leeds and by law firm Squire Patton Boggs.