ABN AMRO Commercial Finance is pleased to announce the successful refinance of the Shorterm Group.
Shorterm is one of the largest specialist technical engineering recruiters in the UK, providing recruitment expertise to over 500 clients across the Aviation, Rail, Power, Construction, Automotive and Electronics & Aerospace sectors.
As an existing client of ABN AMRO Commercial Finance, Shorterm was looking to increase their debt facility due to the market leading growth that was being achieved by the business. ABN AMRO Commercial Finance was able to continue providing Shorterm with Receivables Finance solutions at a competitive rate, increasing the credit limit by 25% and providing an additional £4m cashflow loan to enable flexibility and headroom for growth.
Chief Finance Officer at Shorterm, Patrick Keenan said:
“The team at ABN AMRO Commercial Finance has worked alongside us every step of the way to provide us with a suitable funding solution. Having the security of working capital as well as the cash flow term loan, allows us to focus on servicing our customers’ recruitment requirements and growing our business.”
John Hunter, Sales Director at ABN AMRO Commercial Finance said, “We are constantly looking to improve our clients’ working capital. By bridging the funding gap we support Shorterm to carry out their business ambitions through their fast and efficient resourcing solutions.”
Dave Edwards, Managing Director at Litmus Advisory who introduced Shorterm to ABN AMRO Commercial Finance added, “Litmus view ABN AMRO as a highly responsive, flexible lender, and in this instance, the debt structure negotiated showed a good understanding of the Company’s strong capital structure and its desire for further growth.”