5M REFINANCING FOR TASKMASTER MEANS UK GROWTH FOR STAFFING FIRM
£5M REFINANCING FOR TASKMASTER MEANS UK GROWTH FOR STAFFING FIRM
Ryecroft Glenton Corporate Finance has advised fast-growing staffing firm, Taskmaster, one of the largest staffing companies in Yorkshire, on its £5m refinancing with Barclays, which will enable the company to develop its existing branch network and broaden its field of service expertise across a range of industry sectors.
Carl Swansbury, corporate finance director and Abu Ali, corporate finance senior, of Ryecroft Glenton Corporate Finance (RGCF) worked with Taskmaster’s managing director Andrew Skorupka and operations director Andrew Godfrey, to help agree and secure the new £5m funding line.
RGCF approached four prospective funders and within six working weeks Taskmaster had chosen Barclays as its preferred funding partner. Barclays has agreed to provide £5m of working capital funding for Taskmaster to finance growth and development.
The financial support negotiated by Ryecroft Glenton Corporate Finance and Barclays will enable Taskmaster to deliver its growth plan, whilst also substantially reducing its interest cost going forward.
Carl Swansbury said: “By finding a fit for purpose working capital facility with Barclays we have been able to save Taskmaster £30,000pa. Barclays not only offered competitive financing charges, but also a working capital facility and a refreshing, positive approach. We were able to negotiate successfully to create a funding package that suited both Taskmaster shareholders and Barclays.”
Andrew Skorupka and Andrew Godfrey took over the running of Taskmaster following a management buyout in 2011. Since then they have increased company turnover by 20%, from £20m in December 2011 to £25m in December 2012, and have enhanced profitability substantially.
Taskmaster was established in 1994, and provides temporary, contract and permanent blue and white collar staffing solutions in the catering, industrial, commercial, technical and transport sectors. The company has an outstanding reputation as being a great place to work – it has been highly placed in the Sunday Times Top 100 Best Companies to Work For list – (19th in 2012 out of all UK companies). Taskmaster has also been awarded the highest accolade of three stars in the Best Companies annual awards awarded by Workplace Engagement in 2011 and 2012.
Andrew Skorupka said: “We’re delighted that we have been able to secure a new funding partner and complete on the refinancing of the company so smoothly. Barclays were excellent and Carl Swansbury and his team have been superb in helping us find the right funder and secure the right working capital facility needed to help Taskmaster deliver its short and medium term growth plan.
“We now have a suitably structured working capital facility in place, which will not only help us drive the company forward but will also significantly reduce our financing costs. Carl understands our business and our sector extremely well, and we value his astute commercial expertise.”
Carl Swansbury of Ryecroft Glenton Corporate Finance said: “Helping to secure a new funder and a £5m working capital facility for Taskmaster is really rewarding for my team. I’ve been involved in many of Taskmaster’s strategic decisions over the last 18 months and the company’s delivery of results and growth over this period has been excellent. The refinancing means that Taskmaster can now execute its ambitious growth plans and grow both its permanent and temporary capabilities throughout the UK.”
Jon Lowe, relationship director at Barclays said: “It’s a real privilege to work with a successful, fast growing company like Taskmaster, which has a strong plan in place for its future and has quickly seen tangible growth following the MBO. The culture at Taskmaster is outstanding, with highly motivated employees.”
Taskmaster’s buoyant results since the completion of the MBO buck the trend of many companies in the service and professional sectors. Carl Swansbury’s relationship with Taskmaster began in 2011 when Carl carried out a full strategic review of the company, which set out the direction and actions needed to deliver future growth. This included developing a permanent and contract recruitment offering within the company, which Carl has helped to put in place.