Recruitment firm enters next phase with £20m facility
The Shore Group, a Hove based recruitment agency that provides temporary skilled workers to a range of sectors, has secured a £20m invoice finance facility and full transactional banking services from Santander UK to support the business through its next phase of growth.
The company, which reported annual turnover of more than £73m in the last financial year, provides skilled tradespeople for small projects through to long-term builds in an array of sectors, including, construction, telecoms, rail and aviation. In 2018 alone, The Shore Group helped fill 20,000 temporary vacancies.
The Shore Group will use the working capital facility for day to day capital requirements to help the business accelerate cashflow to assist growth.
The Shore Group and Santander UK started working together two years ago, with the latter providing strategic advice to help improve the profitability of the recruitment agency. In addition to providing the invoice finance facility, Santander UK is also providing the firm with full-service banking including BACS and Air Plus corporate cards.
James Hobden, co-founder at The Shore Group, commented: “We were looking for a partner who can support us on the next stage of our journey. As a Group we had several complex requirements, both current and future – Santander was able to meet, or exceed, all of these requirements. We have been consistently impressed by the quality of service from the team at Santander, as well as the breadth of services made available to us.
“As we enter a phase of continued organic growth, acquisition and mergers, against the backdrop of a challenging economy, we are confident that Santander can offer us the support to help us achieve our ambitions. I, and the rest of the team at TSG, are very much looking forward to working with Santander, and exploring new opportunities with their backing.”
David Pearce, relationship director, Santander UK, added: “The Shore Group provides skilled workers to many fundamental sectors to UK infrastructure, and so we are delighted to help the business enter this next growth phase. Despite the negative headwinds of Covid-19, the business has proven its resilience throughout the pandemic, and is on track to meet its ambitious growth targets.”
