Gap personnel secures new funding

Tue, 24 Mar 2009

Multi-sector recruiter gap personnel has secured £500k in funding from Lloyds TSB Corporate Markets.

The move was made as the firm switched banks to “implement payment processing and enhance its working capital”, according to a statement.

The company has made six acquisitions in the last 12 months, three of which were made in a “white knight” scenario, including the recent purchase of Temple Quay Recruitment (recruiter.co.uk, 3 March).

Gary Dewhurst, managing director of gap personnel, told Recruiter the company already has £2m in funding for acquisitions in 2009 and “has a link to [investment firm] Close Brothersfor a further £5m to £10m if required”.

Dewhurst added the workflow in terms of mergers and acquisitions activity has increased “ten-fold” in the last six months.

Gap personnel has a £50m turnover, with 40 offices employing over 200 full-time staff