NES close to £100m refinancing package

Company hopes to reach £500m turnover within two years


Cheshire-based manpower company NES Group is on the verge of completing a refinancing deal worth £100m.

NES, which is being advised by investment bank Baird, will secure the majority of the finance by increasing its existing borrowing facilities with HSBC and the Royal Bank of Scotland.

Sources close to the deal claim another lender may join the syndicate as part of the refinancing package.

NES, which supplies technical and engineering staff to a variety of sectors including oil, gas and pharmaceuticals, grew revenues by more than £100m in the last financial year.

The company is intent on reaching £500m turnover by 2014, and the company hopes its refinancing deal will precipitate this growth.

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