Industrial recruitment agency gap personnel, which has branches in Preston and Burnley, has secured a £20m funding facility with Close Brothers Invoice Finance to boost its ongoing sales drive and expansion plans.
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,.
Founded in 1997 by CEO Gary Dewhurst, and now with a headcount of over 200 and over 7,000 workers, the privately-owned company has undergone dramatic growth over the past two years.
It is now one of the Top Three 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.
Gary said: “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. 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.”
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 per cent on predicted figures.