RYECROFT Glenton Corporate Finance has advised fast-growing staffing firm, Taskmaster, one of the largest staffing companies in Yorkshire, on its £5m refinancing.
The deal with Barclays will enable the company to develop its existing branch network and broaden its field of service expertise across a range of industry sectors.
Carl Swansbury, corporate finance director and Abu Ali, corporate finance senior, of Ryecroft Glenton Corporate Finance (RGCF) worked with Taskmaster’s managing director Andrew Skorupka and operations director Andrew Godfrey, to help agree and secure the new £5m funding line.
RGCF approached four prospective funders and within six weeks Taskmaster had chosen Barclays as its preferred funding partner. Barclays has agreed to provide £5m of working capital funding for Taskmaster to finance growth and development.
The financial support negotiated by Ryecroft Glenton Corporate Finance and Barclays will enable Taskmaster to deliver its growth plan, whilst also substantially reducing its interest cost going forward.
Carl Swansbury said: “By finding a fit-for-purpose working capital facility with Barclays we have been able to save Taskmaster £30,000pa. Barclays not only offered competitive financing charges, but also a working capital facility and a refreshing, positive approach. We were able to negotiate successfully to create a funding package that suited both Taskmaster shareholders and Barclays.”
Andrew Skorupka and Andrew Godfrey took over the running of Taskmaster following a management buyout in 2011.
Since then they have increased company turnover by 20%, from £20m in December 2011 to £25m in December 2012, and have enhanced profitability substantially.
Skorupka said: “We’re delighted that we have been able to secure a new funding partner and complete on the refinancing of the company so smoothly.
“Barclays were excellent and Carl Swansbury and his team have been superb in helping us find the right funder and secure the right working capital facility needed to help Taskmaster deliver its short and medium term growth plan.
“We now have a suitably structured working capital facility in place, which will not only help us drive the company forward but will also significantly reduce our financing costs. Carl understands our business and our sector extremely well, and we value his astute commercial expertise.”
Swansbury said: “Helping to secure a new funder and a £5m working capital facility for Taskmaster is really rewarding for my team.”