Norman Broadbent Plc (LON:NBB) – a leading London listed Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services (Board & Leadership Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Talent Solutions) – today announce that they have agreed a GBP2,000,000 working capital facility with Bibby Financial Services (“BFS”). The facility replaces an existing facility of GBP1,500,000, on more favourable terms, and will free up c.GBP500,000 of additional working capital for the Group.
Mike Brennan, Group CEO, Norman Broadbent Group Plc, said:
“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. 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. 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.”
Norman Broadbent has obtained the funding facility to help fuel further growth. The additional working capital will allow the Group to continue to pursue its strategy, including increasing its market share and penetrating a wider range of clients.
Chris Farnworth, Corporate Manager, Bibby Financial Services, said:
“Norman Broadbent Group has an unrivalled history and heritage as a provider of specialist Leadership Acquisition & Advisory Services. Having spent significant time with Mike and his team, we understand the journey ahead and business trajectory hence structured a facility to best improve cash flow.
“BFS go to great lengths to ensure our clients view us as partners, rather than just financiers. We are delighted that Norman Broadbent Group has bought into our ethos, and we look forward to joining them on the next stage of their journey.”