Civil Rail Solutions Limited (CRS), a labour supplier for the rail and construction industries, has secured a £3m confidential invoice discounting funding line with independent SME funder Bibby Financial Services (BFS).
With Network Rail commencing its £45.4bn five-year investment plan (Control Period 7) in April 2024, this funding will enable CRS to meet increased industry demand for labour.
Established in 2008 and headquartered in Ashford, Kent, CRS provides personnel solutions to Network Rail, London Underground, Transport for London, and major contractors in the rail and construction sectors. In 2016, CRS opened a regional office in Doncaster, South Yorkshire, enhancing its ability to provide high-quality, local labour on a national scale.
Following an introduction by Amanda De Courcy of ADC Financial, BFS provided a £3m confidential invoice discounting package based on CRS’s accrued income. CRS selected BFS as its funding partner due to its flexibility, understanding of the rail sector, and suitable invoice finance facility to support new and existing contracts.
Mark Mason, chief executive officer at CRS, said: “As we enter this new control period for the UK rail sector, we are in a great position to continue our growth journey as a strategic labour supply partner to industry leading rail contractors. Due to the complex nature of these industries, we were looking for a partner who understood both our sector and ambition, and would be able to provide the flexibility we need to respond to evolving demands in the sector. BFS were able to demonstrate both, and we look forward to working with the team in 2024 and beyond.”
Mike Reid, corporate sales manager at BFS, commented: “We’re excited to have been chosen as Civil Rail Solutions’ funding partner and look forward to supporting their future growth plans. This is a great example of our ability to structure working capital solutions for sectors with complex supply chains, and debtor books. With our in depth understanding of the challenges and opportunities in the rail and construction sectors, we were able to structure a confidential invoice discounting facility that offers flexibility to support the business’s needs now and in the future.”
Amanda De Courcy, director at ADC Financial Limited, added: “Mark Mason and the management team approached me to secure a flexible invoice discounting facility to support Civil Rail Solutions’ national growth in the UK. BFS is undoubtedly the perfect funding partner to support CRS going forward. Their expertise and experience in complex sectors such as this gave me complete confidence to recommend and introduce them. Mike and his team have done a brilliant job and I know that Mark and the CRS team will enjoy working with BFS.”