Leumi ABL completes £25m cross-border ABL facility to support international recruitment business
Leumi ABL has completed a £25m facility for Red Commerce, a Dunedin owned international recruitment business.
With its global headquarters in London, Red Commerce operates from seven offices in the UK, Germany, Switzerland and US, supplying SAP consultants globally to meet the requirements of businesses seeking contract and permanent staffing solutions.
Red provides staff with specialist SAP skills that are needed by large organisations all over the world. The large demand for these professionals has led Red Commerce to seek both a larger finance facility, and one that meets its cashflow requirements both in the UK and overseas.
When Red Commerce decided to review its banking partners Leumi ABL was able to step in and set up facilities in the UK, US, Germany and Switzerland. The package comprises of invoice discounting and an additional finance facility to support the unbilled work.
Red Commerce is one of an increasing number of Leumi ABL deals supporting Private Equity. Leumi ABL has a specialist understanding of the PE market having completed many successful PE deals in recent years.
Rob Wakeford, Leumi ABL regional sales director in London, said:
“We had a clear mandate on what was required. With the help of Red’s highly professional team we were able to structure the facility as it was initially envisioned and look forward to supporting Red Commerce’s international growth plans.”
John Sealy, Red’s CFO commented:
“From early in the tender process it became clear that Leumi ABL understood the recruitment space and also the challenges of a growing multinational business. Their commercial and pragmatic approach was evident during the initial negotiations and allowed for a smooth on boarding process which has continued into the day to day interactions with the relationship team.”