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Worcestershire specialist skills business, Resource Group Ltd, has increased headcount and turnover by acquiring a competitor, using a &pound1.5 million asset based lending facility from Lloyds TSB Commercial Finance.

Resource Group Ltd, established in 1991 and headquartered in Worcester, is a specialist skills provider to the aerospace, aviation and defence sectors, providing engineering, training and recruitment solutions on an international scale.

The business had been exploring acquisition opportunities for some months as part of its business growth model when the opportunity to purchase Real Time Consultants (RTC), a supplier of technical recruitment solutions, arose.

In order to fund the acquisition, Resource Group approached banking partner Lloyds TSB Commercial Finance which was able to provide a &pound1.5 million funding facility. Key to this transaction was the speed at which finance was arranged, with the bank able to turn around the facility in just one week to enable the acquisition of RTC.

RTC has now become part of the Resource Group and will operate from its current offices inBristol, continuing to trade under its current name.

As a result of the acquisition, Resource Group has boosted headcount by 14 and secured a significant increase in turnover.

The amalgamation of the companies will enable Resource Group to create a larger, complementary recruitment service for its clients.

Rob Hunter, finance director for Resource Group, said: “It is fantastic to already be able to see the tangible growth that this acquisition has driven, in terms of both turnover and headcount."

“The services provided by RTC both complement and extend our existing offering, broadening our services into niche client sectors such as national security, rail and Air Traffic Control".

“The finance facility was fundamental in this acquisition. We required a quick funding solution which, by building on our existing banking relationship, Lloyds TSB Commercial Finance was able to provide, and the speed at which the bank did so was key.”

Francesco Magli, client manager at Lloyds TSB Commercial Finance, said: “This is a strategic move for Resource Group, as part of its overall business plan to continually reshape its proposition in response to changes in demand in the sectors it serves and to provide a broader offering to its clients.

“The benefits of this acquisition are already reflected in the success the business has secured so far and it will undoubtedly be a springboard for even further growth.

“Since we already had a strong relationship with the customer, we were able to quickly turnaround the funding necessary in order for the acquisition to complete. With the facility now in place, the business also has increased cashflow flexibility.”


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