CRG reveal acquisition plans after £4.5m capital fund
Castlerock Recruitment Group (CRG) in St Helens, Merseyside, has outlined acquisition plans after securing a £4.5m capital injection from Centric Commercial finance.
The business, which has 130 employees across the UK, said it will embark on the acquisition and growth trail after raising the finance package.
Centric Commercial Finance’s cash injection will be facilitated by a combination of invoice discounting and term debt, and allow CRG to explore new growth as part of its aggressive acquisition strategy.
The firm’s chief executive Ian Munro commented: “CRG has enjoyed strong organic growth over the past twelve months with projected group turnover for 2013-2014 set to top £24 million.
“Centric’s funding package sets us in good stead as we eye new investment targets. Of particular interest are companies in which we can take a majority stake, particularly in the healthcare or general recruitment space.
“We’ll also consider distressed businesses as potential targets, since we have an excellent track record of reversing the fortunes of ailing companies.
“This flexible multi-million pound facility will allow us to increase CRG’s share of the healthcare market, as well as enabling us to expand into the general staffing and outsourcing solutions arena.”
The recruitment and healthcare company has acquired nine other businesses in its 13 year history and is in current acquisition discussions with four different parties, which could significantly boost its market share and service diversity.
Director of Centric Commercial Finance, Stuart Bates, commented: “Centric is delighted to provide this facility to CRG.
“Not only has it delivered an immediate initial injection of working capital into the business, it has also provided additional headroom as a springboard to making future targeted acquisitions.
“The knowledge and expertise we have built up within the care sector has enabled us to work effectively with CRG.
“Our aligned vision at board level, along with our commercial appetite and flexibility, exactly matches the requirements of the business and its plans for growth.”
The North West Fund for Development Capital will also continue to support CRG with management from venture capitalist, Enterprise Ventures.
This was posted in Bdaily's Members' News section by Miranda Dobson .