Recruitment agency Pertemps Network Group has secured a new £100 million invoice finance facility to support its growth plans.
The new agreement will help the Meriden-based group move into the new phase of its expansion and investment as its turnover approaches the £1 billion mark.
The deal has been signed with RBS Invoice Finance Limited and ABN AMRO Asset Based Finance.
Chief finance officer Spencer Jones said: "Against the backdrop of market uncertainty and some very challenging economic times, this new arrangement demonstrates just how strong we are as a group financially and we are delighted to be moving up to this level.
"We have made the move as we look to further develop the business in the future."
The new facility is for a three-year period and the company said it continued to be subject to no financial covenants.
Pertemps is celebrating its 60th anniversary this year.
Group chief executive Steve West, who took over the role in August, said: "This arrangement will allow the company to continue its strategy of organic and acquisitive growth as Pertemps Network Group continues to take the lead in the UK's recruitment sector."
Andy Barraclough, head of regional asset-based lending with NatWest, said: "We are delighted that we could help Pertemps Network Group achieve cash flow security with this new invoice finance facility."
Jeremy Smith, director of corporate client origination at ABN AMRO Commercial Finance, added: "We are delighted to have partnered with RBS and NatWest in delivering an enlarged working capital facility to support Pertemps' continued growth."
