“Having been through a successful transformation, we are now in growth mode and believe the additional working capital will continue to allow the group to pursue its growth strategy,” said chief executive Mike Brennan.
Norman Broadbent Group PLC () has agreed a £2mln working capital facility with Bibby Financial Services as it looks to grow the business.
The professional services firm said the funds will replace an existing facility of £1.5mln on more favourable terms and will free up an additional £500,000 in capital to support its strategy.
“Having been through a successful transformation, we are now in growth mode and believe the additional working capital will continue to allow the group to pursue its growth strategy,” said chief executive Mike Brennan.
Norman Broadbent returned to profitability in the first half of the year as it continued its strategy to diversify around its executive search core.
“As an ambitious business, we have recently reviewed our strategic service providers to ensure we have the best partners in place to help us drive growth,” Brennan added.
“We believe that BFS are well positioned to help us achieve our corporate growth goals thus benefiting our clients, shareholders, colleagues, and the company as a whole.”
Read More: Norman Broadbent Group PLC agrees £2mln working capital facility