Sunday, June 16 2024

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Smart Growth

£18m facility from Cynergy Business Finance for Smart Solutions

Cardiff-based recruitment services business, Smart Solutions (Recruitment) Ltd has secured an £18m aggregated confidential invoice discounting facility from Cynergy Business Finance (CBF).

The facility provided to Smart Solutions and its associated entities, Heat Recruitment Ltd and Bridgestone Group Ltd, will provide working capital across the three businesses and support the acquisitive group as it continues to expand its presence across the UK market.

Established in 2007, Smart Solutions is a leading recruitment agency in the UK for temporary recruitment and has specialists working across a number of sectors, including a division dedicated to waste and recycling.

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After becoming the majority shareholder of Smart Solutions in November 2023, Robert Webb acquired Heat Recruitment and Bridgestone Group, both of which take a similar sector agnostic approach offering bespoke services that cover a wide range of industries.

CBF was introduced to Smart Solutions by TGL Solutions Limited, and by building strong relationship with the group’s management team were able to structure a confidential invoice discounting facility that will provide the necessary working capital requirements across the three businesses, with the flexibility to fund new opportunities aligned with the group’s strategic growth plans.

“Within the past few years we have seen a lot of exciting changes at Smart Solutions,” said Robert Webb, Chairman and CEO of Smart Solutions, Bridgestone Group and Heat Recruitment. “Having acquired two businesses within three months, it’s important that we have the necessary working capital to ensure our operations continue to run smoothly. The funding from CBF will help us do this, while also allowing us to look forward as we grow as a stronger, dynamic group.

“Dave and the CBF team really took the time to understand our requirements and ambitions, and we couldn’t have had better partners in this process. This is just the start of our journey, and I’m excited for what’s to come for the group.”

Dave Golding, Managing Director at Cynergy Business Finance, added: “It has been great to work with Robert and the team, supporting them at a significant time in the group’s journey. We’re pleased to be able to support a SME like Smart Solutions, with strong ambitions for growth and a solid business proposition in a growing sector. I look forward to seeing what is next for Robert and the group and would like to extend special thanks to TGL Solutions for the introduction as well.”

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