TaskMaster Resources secures £15m funding package from BFS
TaskMaster Resources Ltd, a leading workforce solutions provider headquartered in Leeds, has secured a £15m funding facility from independent SME funder, Bibby Financial Services (BFS). The funding package includes a £13m Confidential Invoice Discounting (CID) facility and a £2m cashflow loan to support the business’s ambitious growth plans.
Established in 1996, TaskMaster Resources offers both temporary and permanent staffing solutions across multiple sectors, including warehousing and industrial. The funding package from BFS has enabled the business to acquire part of a competitor’s trade in the South-West of England, extending its national footprint and accelerating its trajectory toward achieving £100m in annual revenue.
The facility includes a flexible three-year cashflow loan with a repayment structure tailored to support TaskMaster’s post-acquisition integration.
The funding transaction was initiated through Stephen Hand, invoice finance sales director at BFS, with Mark Keegan of Adama Capital. Initially engaged on a separate refinancing opportunity, Keegan maintained a relationship with the team at BFS, which ultimately led to the opportunity and successful agreement with TaskMaster.
Glenn Souter, corporate business development manager at BFS, led the transaction, supported by Simon Thomas (assistant corporate manager), Andrew Strike (underwriting), and Kate Jackson (onboarding). The deal was underwritten and approved swiftly by BFS’s senior leadership team and board, ensuring delivery within tight time constraints.
Mark Keegan, financial director at Adama Capital, commented: “After introducing BFS to TaskMaster’s business, the funder delivered a structure and timeline that worked for TaskMaster and matched its ambition. BFS’ commercial understanding, transparency and ability to move quickly made all the difference, putting TaskMaster in a strong position to grow sustainably, aspire for larger contracts and expand its geographical outreach across the UK, whilst enabling a wider share of the industrial recruitment market.”
Glenn Souter added: “TaskMaster Resources is a well-run, forward-thinking business with a clear growth strategy – and BFS has a track record in supporting acquisition-led growth. We’re proud to be supporting TaskMaster at such a pivotal stage, and we look forward to helping the business achieve its goals.”