gap personnel secure 20m facility
This major deal further evidences the pick-up in the UK’s manufacturing sector and re-affirms gap personnel as one of the finance provider’s biggest clients, highlighting confidence in the gap brand, their forecasts, the senior management team and the recruitment industry in general.
Founded in 1997, by CEO Gary Dewhurst, and now with a headcount of 212 and over 7,000 workers, the privately-owned company has undergone dramatic growth over the past two years and is now one of the Top 3 independent labour providers offering UK-wide coverage through its high-street branches, specialist divisions and rapidly growing on-site network - which continues to benefit from substantial investment.
"This funding will be a key contributor to the next exciting chapter in the ongoing operational development of our Group for the next few years”, said Dewhurst. “We have a clear strategy to achieve sustainable business capabilities and to further improve margins and are actively seeking new opportunities to do this - which all form part of our calculated growth trajectory.
The new funding will also allow the Group to enhance the quality and supply offering of temporary and permanent workforce solutions to organisations in sectors including automotive, manufacturing, warehouse and distribution, transport and logistics, waste management, recycling and food production.
Lee Woodward, finance director, added “this is an important step in facilitating our strategic plans for gap personnel as we look to grow both organically and through acquisition.”
In 2013, gap personnel realised a turnover of £98m, an increase of 15% on predicted figures and, as a result, the Group is on target to reach an impressive £108m in 2014.
Northern managing director, Ian Steward, commented, “Close Brothers Invoice Finance is proud to have worked in partnership with gap personnel for in excess of 10 years now. The increase in the facility to £20 million demonstrates the confidence we have in their future growth plans and we look forward to continuing to support their working capital requirements.”