ABN AMRO Commercial Finance has delivered a £25m receivables funding line to national technical recruitment company and training provider, Russell Taylor Holdings Ltd.
Established in 2005, Peter and Ben Russell have expanded their vision from a father/son duo to a national recruitment partner. Their expanding team of industry specialists provide recruitment solutions in the technical arena, including construction, engineering, manufacturing and energy sectors.
Historically, Russell Taylor Holdings, operated in the recruitment sector through three operating companies. In 2017 the group acquired two additional recruitment businesses which had been placed into administration, to form Assist Resourcing and Nexus Workforce. Russell Taylor Holding’s rescue of the failed companies provided certainty of continued employment, with over 10,000 workers on its payroll and increased the group’s annual turnover to an excess of £110m.
Having originally financed the acquisitions through another finance provider, with the two acquired businesses fully integrated into the group, it became apparent to Russell Taylor Holdings that a single group financing structure was necessary to take the business forward. A number of finance providers were considered and ABN AMRO was mandated to deliver the £25m receivables financing package for the group.
Ben Russell, Group CEO at Russell Taylor Holdings said: “The funding provided by ABN AMRO enabled a significant increase in financing levels to allow for further growth. This includes £30m forecasting over the next year and expanding our team of specialists across our different offices.”
Jeremy Smith, Corporate Sales Manager at ABN AMRO said: “By taking the time to fully understand the underlying businesses, we were able to deliver a creative and flexible solution for both the short and long term requirements, meeting Russell Taylor Holding’s aspirations for continued growth. “