UK: Labour supply business Civil Rail Solutions has secured a £3m funding line with independent SME funder Bibby Financial Services.
Confidential Invoice Discounting provides a company with prepayment against invoices, and CRS said the funding line would enable it to meet increased industry demand for labour. The company supplies personnel to Network Rail, London Underground, Transport for London and major contractors in the rail sector.
CRS was introduced to BFS by ADC Financial, and said it selected BFS for its flexibility, understanding of the rail sector and ability to offer a suitable facility that provides working capital to support new and existing contracts.
‘As we enter this new control period for the UK rail sector, we are in a great position to continue our growth journey’, commented CRS CEO Mark Mason. ‘We were looking for a partner who understood both our sector and ambition, and would be able to provide the flexibility we need to respond to evolving demands in the sector.’
BFS Corporate Sales Manager Mike Reid said the deal was ‘a great example of our ability to structure working capital solutions for sectors with complex supply chains, and debtor books’.
