- Technical recruitment specialist Fircroft agrees £105m refinancing deal to support further growth
- The funding package was structured by a syndicate of financial providers
- An £80m receivables finance facility and a £25m senior debt facility was provided by the syndicate which both our ABL and banking teams participated in.
Fircroft provides workforce solutions to a range of sectors including oil and gas, automotive, power and energy, mining and engineering. The Warrington-based company were founded in South Manchester in 1970.
The Royal Bank asset based lending and banking teams worked together as part of a syndicate to structure a £105m funding solution over a four-year period. The funding provides Fircroft with additional working capital to support further global organic growth. This includes plans to expand to the Far East. It also will support targeted acquisitions or joint venture investments.
Chief Financial Officer of Fircroft, Stuart Hall:
"We remain focused on growing the business further in markets where energy and strategically aligned engineering opportunities exist. This refinancing provides us with a flexible facility to fund investment and expansion."
"We are very pleased to welcome on board the asset based lending and banking teams. They form part of a club who have global capabilities and expertise to match that of Fircroft. We look forward to working with them on the next stage of our journey."
Andy Pickford, asset based lending team:
"Fircroft has enjoyed impressive growth and established a strong reputation in their field. The funding will support their global growth aspirations. We look forward to working closely with them during this exciting time."
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