Glasgow-based recruitment agency receives £1.5m facility from Cynergy Business Finance
Specialist recruitment agency, PS Capital, has received a flexible £1.5m asset-based lending facility from Cynergy Business Finance to support both its short and long-term growth strategy for the years ahead.
Headquartered in Glasgow, PS Capital is a recruitment agency that specialises in the energy sector, providing recruitment solutions for some of the biggest international, offshore and domestic organisations. Covering all aspects of the energy sector, from renewables to oil and gas and mining, the business employs high-calibre specialists with a breadth of industry experience to ensure it attracts industry-leading talent for its clients.
With both ambitious short and long-term goals, PS Capital required additional funding to help it complete a management buyout and improve cashflow to help support its planned growth, building a future platform of over £10m a year.
Cynergy Business Finance worked closely with the businesses management team to provide a flexible receivables finance facility that was bespoke to the needs and growth plans of PS Capital. The cashflow injection will help to support the businesses long term growth plans, providing a high advance payment level.
Paul Sammeroff, founder and director at PS Capital, said: “Right after the first conversation I knew Cynergy were going to be part of PS Capital’s continued journey. From start to finish the team were dedicated in understanding our growth ambitions, ensuring the right deal was completed in a timely manner. With our ambitions of building a platform of over £10m, the team have been keen to help build a considered, long-term strategy that we can all work towards.”
Dan Burton, executive director at Cynergy Business Finance, added: “It has been an absolute pleasure to work with PS Capital. The team’s highly trained team not only holds exceptional knowledge, but is also extremely passionate about the work they do, ensuring high-calibre talent is placed into each organisation.
“This is an exciting time for PS Capital and we look forward to working with Paul and his team and seeing the business continue to flourish.”