Leeds-based workforce solutions company TaskMaster Resources has secured a £15m funding deal from Bibby Financial Services (BFS) to support its expansion across the UK.
The package includes a £13m Confidential Invoice Discounting facility and a £2m cashflow loan, giving the business the flexibility to scale operations and integrate recent acquisitions.
The 29-year-old firm provides temporary and permanent staffing across sectors such as warehousing and industrial and the BFS funding has already enabled the business to acquire part of a competitor’s trade in the South-West.
This marks a key step towards its goal of reaching £100m in annual turnover, just 18 months on from being acquired by IPE Ventures.
The £2m cashflow loan is structured over three years, tailored to support the company’s post-acquisition strategy and integration plans.
British Business Bank seals 1st Regional Angels Programme deal
The deal was initiated by Stephen Hand, invoice finance sales director at BFS, alongside Mark Keegan (pictured, main image), financial director at Adama Capital.
“After introducing BFS to TaskMaster’s business, the funder delivered a structure and timeline that worked for TaskMaster and matched its ambition,” said Keegan.
“BFS’ commercial understanding, transparency and ability to move quickly made all the difference, putting TaskMaster in a strong position to grow sustainably, aspire for larger contracts and expand its geographical outreach across the UK, whilst enabling a wider share of the industrial recruitment market.”
Glenn Souter, corporate business development manager at BFS, added: “TaskMaster Resources is a well-run, forward-thinking business with a clear growth strategy – and BFS has a track record in supporting acquisition-led growth.
“We’re proud to be supporting TaskMaster at such a pivotal stage, and we look forward to helping the business achieve its goals.”
Sava Technologies raises £14m to commercialise wearable device