Client stories

New invoice finance facility to boost PNG’s expansion

We’re delighted to have helped Pertemps Network Group achieve cash flow security with a new invoice finance facility.

Finding the right people for the right jobs

Pertemps started out as a one-off family business in Birmingham more than 60 years ago, while Network Group was created to bring together a group of like-minded, successful recruitment businesses, specifically operating in niche markets, who could support one another’s growth through strategic partnerships. Following a merger between Pertemps and Network Group (PNG) in 2012, the company has now grown to become a market leader in the recruitment industry*. 

With 200+ branches and offices across the UK, PNG today creates jobs for more than 35,000 workers every day of the week. The recruitment company continues to expand at a rapid pace as part of an ambitious strategy based on organic growth and selective acquisition.

Financing package offers quick access to capital

With invoicing exceeding the £1billion mark, PNG turned to NatWest** to secure a flexible and smart financing package that can support the company’s growth and investment strategy.

The NatWest team worked closely with PNG to fully understand the plans for the future of the business and the resulting capital requirements. Based on detailed working capital modelling and sector insights, the NatWest team, together with ABN AMRO Commercial Finance, structured a 3yr invoice finance facility of up to £100million, subject to the group satisfying certain typical conditions.

Helping UK businesses to grow post COVID-19 pandemic

Andy Barraclough, Head of Regional Asset Based Lending, NatWest, commented: “We are delighted that we could help PNG achieve cash flow security with this new invoice finance facility. NatWest is the biggest supporter of businesses in the UK, and this transaction demonstrates our commitment for key ‘UK PLC’ projects and our ability to analyse, structure and transact at a tricky juncture for the UK and industry due to the impact of the COVID-19 pandemic.”

Jeremy Smith, Director – Corporate Client Origination, ABN AMRO Commercial Finance: “Pertemps Network Group are one of the largest players in the UK Recruitment sector and we are delighted to have partnered with RBSIF and NatWest in delivering an enlarged working capital facility to support their continued growth.”

Steve West, Chief Executive, PNG, said: “This new facility sends out a strong message about PNG and its impressive track record, and it demonstrates the external confidence in the leadership and strategy the Group has for the future. This arrangement will allow the company to continue its strategy of organic and acquisitional growth as Pertemps Network Group continues to take the lead in the UK’s recruitment sector.”

Spencer Jones, Chief Finance Officer, PNG, said: “Against the backdrop of market uncertainty and some very challenging economic times, this new arrangement demonstrates just how financially strong PNG is as a group, and we are delighted to be moving up to this level to further develop the business in the future.”

Security may be required. Product fees may apply. Subject to status, business use only. Specific eligibility criteria apply.

*Part of the UK’s largest independently-owned recruitment agency (Source: PNG)

**Invoice financing services are provided by RBS Invoice Finance Limited. Registered in England & Wales No. 662221. Registered office: 250 Bishopsgate, London, EC2M 4AA

The information provided in this article has been prepared by National Westminster Bank Plc (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. NatWest makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. NatWest accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

Copyright 2021 © NatWest Bank Plc. All rights reserved.

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