ABN AMRO Commercial Finance (“ABN AMRO”) has delivered a £16m receivables funding line to national education, healthcare and social care recruitment company Affinity Workforce Group (“Affinity”).
Established for over 20 years, CEO Nicola McQueen and the team have been providing recruitment services within education, healthcare and social care through market-leading brands: CER and Monarch Education, Medicare First and Team24.
Previously owned by Capita plc, Affinity was bought in 2017 by UK based private equity house Endless LLP (“Endless”) who, after significantly investing in the company’s growth plan was looking to secure alternative long-term funding from a flexible and credible Asset Based Lender (ABL).
With Affinity running an accelerated procurement process, the team at ABN AMRO had to move at speed - assessing the needs of both the business and Endless, pulling together a creative operational solution and taking a highly pragmatic and collaborative approach.
David Isaacs at Endless said:
“We were looking for a like minded partner in our chosen Asset Based Lender. Endless pride themselves on transparency, expertise and certainty. The ABN AMRO team were quick to respond but importantly did so with a proposal they could, and did, reliably deliver.”
Paul Jezzard, Group CFO at Affinity said: "Speed and delivery were both important of course, but for us the choice of ABN AMRO was equally grounded on their expertise and knowledge of the recruitment sector â€“ they understand our business needs and the challenges we face."
Jeremy Smith, Director of Corporate Client Origination at ABN AMRO commented: "We came into the deal a little behind other funders but our experience in working both with private equity houses and the recruitment sector enabled us to present a commercially pragmatic solution to the funding and operational needs. We were delighted to deliver on our promises within a tight timescale."
Endless and Affinity were advised by Robert Jones and Aimee Coleman from EYs Debt Advisory team.