Infrastructure recruitment specialist given 20m boost
Infrastructure recruitment specialist given £20m boost
McGinley Support Services, Watford, is looking to expand after securing a £20m invoice discounting line from Lloyds TSB Commercial Finance. Part of the family-owned
McGinley Group, McGinley Support Services is the UK’s largest specialist in the infrastructure sector and turned over £70m in 2012.
The company, founded in 1979 and headquartered in Watford, has over 30 years’ experience in infrastructure covering projects across rail, roads, ports and energy networks. Most recently it has supplied staff to work on Crossrail and Thameslink projects in London and the South East. McGinley Support Services employs 140 permanent staff and 2,500 temporary workers across 12 main offices.
The leading recruitment specialist switched to Lloyds TSB Commercial Finance in January 2013 from another banking provider. The £20m invoice discounting line with strengthen the company’s working capital and aid its growth. The facility allows the company to borrow against the value of outstanding invoices. McGinley is optimistic about growth as a result of the government’s focus on investments in large infrastructure projects as one of its key methods for stimulating growth in the economy.
John House, financial director of McGinley Support Services, said: “We expect to see increasing investment particularly in major rail projects, including the electrification of parts of the existing network for sound environmental reasons.”
Contributing to that optimism, he explains, are pending decisions on plans for seven new nuclear power stations over the next 20 years plus significant infrastructure projects in the roads, water and waste sectors. In addition, major rail projects like the £16bn Crossrail and the £5.5bn Thameslink in the South-East are underway, plus the £30bn High Speed 2 development linking London with the Midlands, North of England and Scotland.
“Invoice discounting allows breathing space between client payments and the opportunity for company growth. McGinley can now plan for future projects. We will be working on the £30bn High Speed 2 project linking London with parts of the UK by providing trained and professional staff.”
Nigel Barr, Associate Director, Business Development, Lloyds TSB Commercial Finance, said: “McGinley Support Services supplies staff to work on some of the UK’s largest infrastructure projects and has shown impressive resilience. Working with customers isn’t just about margins and fees - it is people who make the difference. We involved all the key people on both sides and took time to gain a full understanding of how McGinley works and to buy into their plans. We’re delighted that the company has chosen Lloyds TSB Commercial Finance to help them grow.”
Jo-Anna Mehew, Relationship Director, Lloyds Bank Commercial Banking, said: “This is an ambitious company. The firm has been growing both organically and through acquisitions for over two years. I am delighted that we are providing the main banking services for McGinley to complement the invoice discounting facility that Lloyds TSB Commercial Finance is providing. We pride ourselves as being a true relationship bank and we look forward to building a deep and lasting relationship with McGinley over coming years and supporting the future growth of this business.”