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Castlerock Hits the Acquisition Trail Following Centric Boost

Castlerock Hits the Acquisition Trail Following Centric Boost

National recruitment and health service provider, CRG (Castlerock Recruitment Group), is on a growth path and acquisition trail having secured a &pound4.5 million finance package from Centric Commercial Finance.

The capital injection, which will be facilitated by a combination of invoice discounting and term debt, will enable the Merseyside-based company to seek out new investment targets in line with its aggressive growth policy. It will also support the fulfillment of five newly-awarded contracts from the likes of the Government Procurement Service and Richmond-Upon-Thames Council. 

CRG, which has successfully engineered nine acquisitions in its 13 year history, is currently in stage one discussions with four new prospects, which would significantly bolster its market share and further diversify its healthcare services. 

Ian Munro, CEO, said: “CRG has enjoyed strong organic growth over the past twelve months with projected group turnover for 2013-2014 set to top &pound24 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, said: “Centric is delighted to provide this facility to CRG. Not only has it delivered an immediate initial injection of working capital into the business, it has also provided additional headroom as a springboard to making future targeted acquisitions. 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."  

The firm, which has 130 staff across the UK, has seen rapid expansion over the past year. Having significantly diversified its market offering, it is now the parent company to 10 sub-brands including: CRG Healthcare, CRG Homecare, CRG Defence and CRG Doctors.

CRG will also continue to receive support from the North West Fund for Development Capital, which is managed by venture capitalist, Enterprise Ventures. 

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