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Established in 1961, Pertemps initially provided generalist recruitment services through its high street branches, facilitating both permanent and temporary worker placements. In 2012, the privately-owned business merged with Network Group to form Pertemps Network Group (PNG).
Since the merger, the West Midlands-based organisation has expanded both organically and through strategic acquisitions, offering recruitment services across more than 40 industries. Additionally, PNG offers specialist recruitment solutions through niche companies within the group.

NatWest finds new lender for PNG’s £110m invoice financing facility

When a debt facility came up for refinancing, PNG approached NatWest to discuss a new syndicated solution.
The NatWest team worked closely with PNG to fully understand their plans for the future of the business and the resulting capital requirements. Based on detailed working capital modelling and sector insights, we structured a 3-year refinance of their existing facility of £110million. When it became clear that an existing lender was unable to refinance their hold in the new facility, we found a replacement in Virgin Money. NatWest agreed to take a hold of £71.5 million (65%) in the facility while Virgin Money provided £38.5 million (35%).

PNG will continue to use the facility to manage its working capital.

NatWest champions potential of businesses

Steve West, CEO, Pertemps Network Group, said: “This facility puts us in a strong position to manage our working capital even more effectively, and we thank the NatWest team for playing such a pivotal role in the restructure of the facility and bringing a new lender to the table. This industry leading facility was structured around commercially competitive rates and is a clear endorsement of the financial robustness of the group and will continue to support our growth going forward.”

Andy Barraclough, Head of ABL Origination at NatWest, commented: “We’re delighted to support Pertemps Network Group with their financing requirements, leveraging our strong track record in asset-based lending. This transaction is an example of how multiple specialist teams from across NatWest work closely together to deliver the best outcome for our customers. This financing package is also an example of our purpose in action, championing the potential of businesses, such as PNG, and helping them thrive.”

Andrew Cole, Director of Asset Based Lending at Virgin Money, commented: “We’re delighted to support Pertemps with this significant funding solution. It’s been great to get to know the management team and learn more about such a highly performing Midlands corporate, which is excelling in its industry. We look forward to supporting Pertemps alongside NatWest with its future growth.”

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