New and Enhanced Working Capital Facility

RNS Number : 5767L

Norman Broadbent PLC

09 September 2019

 

9 September 2019

Norman Broadbent plc

("Norman Broadbent" or the "Group")

New and Enhanced Working Capital Facility

Norman Broadbent Group (AIM: 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) - is pleased to 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.

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.   

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."

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."

For further information, please contact:

Norman Broadbent plc Mike Brennan / Will Gerrand	020 7484 0000
WH Ireland Limited Adrian Hadden / Jessica Cave / Matthew Chan	020 7220 1666

ENDS

About Norman Broadbent Group plc

Norman Broadbent plc is quoted on AIM. With a 40-year heritage, the Company is 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).

To find out more about Norman Broadbent, visit: www.normanbroadbent.com    

 

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