A ST Helens company is set to go from strength to strength after securing a £4.5m cash investment into its business.
Castlerock Recruitment Group (CRG), which is based on Waterside Court in St Helens, will use to the funding to bolster to the company’s portfolio of holdings.
The cash injection comes from Centric Commercial Finance.
CRG, a specialist medical recruitment firm has grown significantly since it was established in 2000 and recently secured contracts with the Government Procurement Service and Richmond upon Thames Council.
Ian Munro (pictured), CRG’s chief executive officer, said: “CRG has enjoyed strong organic growth over the past twelve months with projected group turnover for 2013-2014 set to top £24m.
“Centric’s funding package sets us in good stead as we eye new investment targets. Of particular interest are companies in which we can take a majority stake, particularly in the healthcare or general recruitment space.
“We’ll also consider distressed businesses as potential targets, since we have an excellent track record of reversing the fortunes of ailing companies.
“This facility will allow us to increase our share of the healthcare market, as well as expand into general staffing and outsourcing solutions.”
Stuart Bates, director of Centric Commercial Finance, added: “Centric is delighted to provide this facility to CRG.
“Not only has it delivered an immediate initial injection of working capital into the business, it has also provided additional headroom as a springboard to making future targeted acquisitions.”
CRG is also the parent company of 10 sub-brands including CRG Healthcare.