Industrial recruitment agency, gap personnel, has secured a £20m funding facility with Close Brothers Invoice Finance to boost its ongoing sales drive and expansion plans.
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.
“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 £108m in 2014.