Ryan FowlerLeeds-based workforce solutions provider TaskMaster Resources Ltd has secured a £15m funding facility from Bibby Financial Services (BFS) to support its national expansion and acquisition strategy. The deal includes a £13m Confidential Invoice Discounting facility and a £2m cashflow loan designed to underpin post-acquisition integration and growth.
Established in 1996, TaskMaster Resources supplies temporary and permanent staffing across warehousing and industrial sectors. The new funding has enabled the business to acquire part of a competitor’s trade in the South-West of England, broadening its footprint and accelerating its trajectory towards a £100m annual revenue target.
The transaction was originated through Stephen Hand, invoice finance sales director at BFS, and Mark Keegan of Adama Capital, who initially engaged with BFS on a separate refinancing brief.
Glenn Souter, corporate business development manager at BFS, led the deal with support from Simon Thomas, Andrew Strike, and Kate Jackson. The agreement was approved swiftly by BFS’s leadership team, allowing for a timely close.
Mark Keegan, financial director at Adama Capital, said: “After introducing BFS to TaskMaster’s business, the funder delivered a structure and timeline that worked for TaskMaster and matched its ambition.
“BFS’ commercial understanding, transparency and ability to move quickly made all the difference, putting TaskMaster in a strong position to grow sustainably, aspire for larger contracts and expand its geographical outreach across the UK, whilst enabling a wider share of the industrial recruitment market.”
Glenn Souter added: “TaskMaster Resources is a well-run, forward-thinking business with a clear growth strategy – and BFS has a track record in supporting acquisition-led growth. We’re proud to be supporting TaskMaster at such a pivotal stage, and we look forward to helping the business achieve its goals.”
