A Wrexham-headquartered recruitment business is set to deliver a positive end to 2020, with the support of Lloyds Bank.
gap personnel group, which provides recruitment services for large retailers, manufacturers and logistics firms, has secured a new £30m invoice finance facility from Lloyds Bank as the group continues to trade ahead of its revised forecasts for 2020.
With many firms in its UK-wide client base requiring temporary support in the lead up to Christmas, the group expects to have upwards of 10,000 workers in roles every week by the end of the year. The new finance facility from Lloyds Bank will boost the businesses’ seasonal expansion, supporting cashflow and working capital.
The £183m turnover group has enjoyed a positive recovery since lockdown, with placements increasing week-on-week since April. Despite demand from SME clients being reduced during the pandemic, sales have been buoyed by larger employers, with the business now close to matching its year-on-year trading.
Jeff Mannering, finance director at gap personnel group, said: “The Autumn period is traditionally our busiest time of the year thanks to an increase in activity in our core client base. This year will naturally present some unique challenges as they trade through their first ‘Covid Christmas’, but we’re still seeing employment demands grow in line with previous years. Meeting those demands requires us to have a degree of financial flexibility. Having this facility and the support of the team at Lloyds Bank provides us with the additional financial headroom to serve our clients’ needs at speed and significantly aid our planning for 2021.”
John Csizmadia, relationship director at Lloyds Bank, said: “gap personnel has been an established presence in North Wales for more than 20 years, supporting more than 300 employees. Since its acquisition by BeNEXT Group in 2017 we’ve been hugely impressed by the speed at which it has overcome the obstacles presented by the pandemic. Current trends in the job market suggest there will be increased demand for temporary workers in the next 12 months as the economy evolves which will no doubt present even more opportunities for future growth.”
Andrew Gaunt, business development director at Lloyds Bank, added: “We are delighted to support one of the UK’s largest recruitment companies. The facility we provided consolidates a number of gap personnel’s existing invoice finance facilities. In doing so, Jeff and his team are set to benefit from a simple, easy-to-use finance solution across their portfolio.”