PSR Solutions, a leading specialist construction recruitment business, is looking to further expand its domestic operations following a £10million deal with HSBC.
The funding package, which includes £7.5 million of invoice financing and a significant term loan to support the management buy-out, will enable the business to embrace predicted industry growth and further expand its London, Sheffield and Midlands-based operations to other cities around the UK in the coming years.
PSR expects to increase its turnover by 25 per cent over the next year and grow turnover from £30 million to £100 million over the next 10 years.
The company was launched in 2005 by Managing Director James Sanders. Since then, PSR has developed a reputation as one of the leading providers of freelance and permanent managerial and technical staff to the UK construction industry. The company places candidates into many market-leading regional contractors as well as national and multinational blue-chip clients.
Speaking about the company’s development, PSR’s Managing Director James Sanders said: “Our success has been built on the foundation of talented management and passion to find the perfect fit for our clients and their prospective employees alike. We are confident in embracing possible market challenges and opportunities whilst also expanding our operations domestically.”
The funding from with HSBC was arranged by Graham Brown, HSBC Relationship Director. Speaking about HSBC’s support, Roger Pratt, Area Director for Corporate Funding in the East Midlands said: “We are committed to helping British businesses like PSR realise their growth ambitions. Graham and our team in the Midlands will continue to assist James with his plans for the future of PSR and we look forward to helping the business make these plans a reality.”