Newcastle-based Solutions Recruitment Group is targeting a turnover of £50m within the next 18 months after it announced plans to open its 13th UK office.
The new branch, located in Warrington, will create up to 15 new jobs and will open in April on the back of the company securing a number of new clients in the North West.
Solutions Recruitment Group, which is forecast to achieve a turnover of £30m this year, employs 110 staff and contractors and places in the region of 2,000 temporary workers every week.
Established in 1984, the business has experienced significant, rapid growth in recent years as a result of strategic expansion into markets including energy, automotive and aerospace.
This has been delivered through a programme of investment, which included securing £500,000 of growth capital from the JEREMIE European Investment Fund, in 2013.
Ryecroft Glenton Corporate Finance helped the company secure the funding, which has enabled Solutions Recruitment Group to grow significantly over the past few years, whilst also acquiring its freehold offices in the centre of Newcastle.
This provided a springboard for further growth and led to the company securing additional funding to support its growth in key industry sectors, particularly oil & gas.
In 2015 Solutions Recruitment Group opened three offices in Oklahoma, Houston and Augusta to serve the US energy market, which, along with the UAE forms the majority of its activities in the sector and will, this year, equate to around £8m of the group’s turnover.
Ian O’Brien, Director of Solutions Recruitment Group, said: “The JEREMIE funding was an important part of the investment programme we needed to take the business forward and has proven to be a catalyst for exponential growth. We are now at a stage where we have significant financial targets that wouldn’t be achievable without the tranches of investment we secured.
“Opening the new office in the North West, alongside our expanding position in the energy sector and other key strategic industries, we are confident we can further strength the company’s position in the market and deliver on our growth strategy.”
Carl Swansbury, Partner of Ryecroft Glenton Corporate Finance, said: “Solutions Recruitment Group is a real North East success story, exporting its skills and expertise across the country and around the world. It is also a great example of how privately-owned businesses in the North East can benefit from the availability of growth capital provided by funds like JEREMIE.”
“With the new North East Fund soon to become available, businesses should be considering the opportunities accessing capital investment can bring and perhaps allow them to emulate the levels of growth seen at a number of North East businesses, including Solutions Recruitment Group.”