LONDON, UK -- December 17, 2009 -- GE Capital today announced the provision of a £5million receivable financing package to Cash Simply.
Cash Simply is an award-winning payroll and invoice finance specialist for the recruitment sector, employing 30 staff. Launched in 2004 the business, based in Mitcheldean, Gloucestershire, aims to provide funding and complete back office support to temporary recruitment agencies. It offers advice to recruitment agencies in all sectors, helping with 'VAT-friendly deals' and assisting with the UK PAYE authority.
The refinancing package has already seen GE Capital make an initial payment to Cash Simply of just over £2.4million, with the balance of the £5m to be drawn down, as required, to meet future growth needs. The funding facility ensures consistency for the business as it replaces an existing package that was terminated following the incumbent provider exiting the market.
Tom Atkinson, Chief Executive, Cash Simply said: "The deal with GE Capital has provided us with a funding solution that is tailored to our needs. We are currently looking to improve our market share to offer our clients a greater and more in-depth service. We are therefore delighted to have made this agreement with a stable financier in an otherwise unstable market. We are confident that GE's knowledge of our business model and our ambitions for future growth will lead to a successful long-term relationship."
Andrew Saunders, Regional Director for GE Capital, said: "Cash Simply is a growing business which has been successful in spite of the recent downturn, and our support for the company will provide it with the headroom it needs to continue to grow. We have already established an excellent working relationship with the business, which has a strong management team, and we look forward to providing support as it focuses on its goals for the future."
Will Spiers
Michael Goodbody
GE Capital EMEA
[email protected]
+44-207-302-6269
+44-7899-808-239