US firm amends UK financing facility to allow for acquisitions
New York-based Staffing 360 Solutions, a company executing an international buy-and-build strategy through the acquisition of staffing organizations in the United States and in the United Kingdom, today announced that it has amended its Invoice Financing facility with HSBC to allow for further acquisitions.
In line with STAF360’s mergers and acquisition program, this new arrangement replaces the existing agreements on the same favourable terms; Facility Limit increased from £11,500,000 to £20,000,000.
Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions said: “Following a transformative 2017, we have started 2018 on a strong footing setting new revenue and gross profit records along the way.
“HSBC has been a great partner by completing the transaction process in just two weeks. As a result, we have strengthened our relationship with them to allow for further future expansion within the Group.”
David Faiman, Chief Financial Officer, added: “As I stated back in February, we had an aim of getting our UK business onto a positive financial footing. We achieved this with the initial refinancing. This change allows us to grow our UK business and to improve our position in the market. The terms are the same attractive terms that we agreed to in February.”
Nick Hicks, HSBC’s Area Director for Sussex & Surrey Corporate Banking Centre, commented: “We are delighted to be supporting Staffing 360 Solutions with this new increased funding facility which will enable the business to continue to flourish in the dynamic UK recruitment market. We look forward to our relationship continuing to develop further in 2018.”