Norfolk based Jark Plc, one of the UK’s largest independent specialist staffing agencies, has signed a £13 million refinance deal with the Recruitment Finance Division of Lloyds TSB Commercial Finance. Jark will use the £13 million for business expansion.
Jark selected Lloyds TSB because it can provide a flexible funding package that supports Jark’s strategic plans. Jark also moved its main banking services to Lloyds TSB Corporate Markets
The new deal, which was won by Lloyds TSB against stiff competition from other finance providers, supplies invoice discounting across four of Jark’s divisions. The invoice discounting provides Jark with a much more adaptable finance solution giving the flexibility the Company needs for its future development.
John Buckman, Chairman at Jark Plc, commented: “We’ve learnt just how important it is for a finance provider to be flexible and understand our business, especially during the current economic climate. Lloyds TSB Commercial Finance has provided us with a simple, flexible and stress-free solution that enables us to manage our finances effectively.”
Ivor McTighe, Business Development Director at Lloyds TSB Commercial Finance, commented: “We’re thrilled to be able to help Jark Plc with its refinancing needs. We’ve enabled it to continue growing and being a success in East Anglia and beyond. We worked closely with our local legal and financial teams on the deal’s due diligence and are really pleased that we could pull it all together. After last year’s Insider dealmaker award for finance provider of the year this is further testament to the effort we put into making deals happen and helping local businesses.”
Steve Harley, Relationships Director at Lloyds TSB Corporate Markets, commented:
“By working in collaboration with the client and our different divisions we were able to finalise the deal in just three weeks. This is a strong demonstration of how quickly Lloyds TSB can deliver a suitable solution for a client.