ABN AMRO Commercial Finance has supported the growth ambitions of European recruitment company, Staffgroup, with a £12m Receivables funding line.
Staffgroup is the parent company of the Eurostaff and Earthstaff brands who provide specialist recruitment solutions to the IT, Finance, Professional Services and Energy sectors. The group has offices in London, Berlin and Hamburg.
The transaction follows last years successful £110m Asset Based Lending deal for Staffgroup’s parent company, Cordant Group Plc, where ABN AMRO Commercial Finance joined the incumbent banking syndicate with a £37m funding line.
Nick Winks, Director of Cordant Group Plc, said, “We are pleased to have once again partnered with ABN AMRO Commercial Finance. The team worked quickly and diligently to understand and address our needs. The flexible funding solution will allow us to expand our working capital and promote continued cross border growth across the UK and Germany.”
ABN AMRO Commercial Finance Director of ABL Structuring – International Clients, Richard Foote, noted, “We were delighted to work with our valued partners to provide a funding solution that met both Cordant and Staffgroup’s operational and strategic objectives. This transaction is testament to our experience in the recruitment sector and our continued support to the UK mid-market segment.”