Gap personnel secures £30m finance from Lloyds Bank

Wrexham-headquartered recruiter gap personnel has secured a £30m invoice finance facility from Lloyds Bank.

The recruitment firm expects to have upwards of 10,000 workers in roles every week by the end of the year, with many firms in its retail, manufacturing and logistics client base requiring temporary support in the lead-up to Christmas. A statement from Lloyds said that the new finance facility provided to gap will boost the company’s seasonal expansion, supporting cashflow and working capital. 

The £183m turnover group has enjoyed a positive recovery since lockdown, with placements increasing week-on-week since April. Despite demand from SME clients being reduced during the pandemic, sales have been buoyed by larger employers, “with the business now close to matching its year-on-year trading”, the statement said.

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