The Board of specialist recruitment firm Greatfleet has announced that the company has repaid in full the outstanding £280,000 convertible loan owed to venture capital trusts which are managed by ISIS EP.

The loan facility was originally taken out by Longbridge International in 2003 before its reverse takeover by Greatfleet in November 2005. Longbridge International has since been re-branded Longbridge Search & Selection and is one of the two leading recruitment brands under the holding company, Greatfleet.

On the 7 April Greatfleet announced it had raised approximately £1.48 million through the issue of new ordinary shares in the company. The funds were raised as part of a restructuring of the business and the company’s balance sheet is now clear of all commercial loans.