Acquisitive recruitment group secures £18m funding
Mon, 03 Jun 2024 | BUSINESS NEWS
Smart Solutions (Recruitment) Limited, a Cardiff-based recruitment services group, has secured £18 million in funding from Cynergy Business Finance (CBF). The aggregated confidential invoice discounting facility will provide working capital and support the group’s continued growth.
Smart Solutions was founded in 2007 and has established itself as a leading UK agency for temporary recruitment. The group has specialists working across a variety of sectors, including a dedicated waste and recycling division.
In November 2023, Robert Webb became the company’s majority shareholder and it subsequently completed the acquisitions of Heat Recruitment Limited and Bridgestone Group Limited. Both companies share a similar sector agnostic approach to Smart Solutions and offer bespoke services covering a wide range of sectors.
After being introduced to Smart Solutions by TGL Solutions Limited, CBF was able to build a strong relationship with the firm’s management team and subsequently structured a confidential invoice discounting facility that will provide the group’s three businesses with their required working capital. The funding package also has the flexibility to finance new opportunities that align with Smart Solutions’ strategic growth plans.
Robert Webb, Chairman and CEO of Smart Solutions, Bridgestone Group and Heat Recruitment, commented: “Within the past few years we have seen a lot of exciting changes at Smart Solutions. Having acquired two businesses within three months, it’s important that we have the necessary working capital to ensure our operations continue to run smoothly.”
“The funding from CBF will help us do this, while also allowing us to look forward as we grow as a stronger, dynamic group.”
CBF Managing Director Dave Golding added: “It has been great to work with Robert and the team, supporting them at a significant time in the group’s journey. We’re pleased to be able to support a SME like Smart Solutions, with strong ambitions for growth and a solid business proposition in a growing sector.”
Read more about M&A trends in the UK recruitment industry
Discover the wide range of alternative financing options available to businesses seeking to grow through acquisitions
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