A provider of specialist qualified crane operators into the construction sector has secured a £3.85m funding facility from Praetura Commercial Finance to support their growth strategy.
Headquartered in South Wales and trading for over 25 years, Millennium Personnel Services (MPS) supplies blue-chip customers seven days a week, including Balfour Beatty, Select Plant Hire and Sir Robert McAlpine. The business employs 25 staff including five site assessors who perform quality control of the operators.
MPS sources personnel on behalf of contractors from a nationwide network of qualified operators, placing around 180 specialists a week, who together achieve more than 5,600 lifts each week. The operators handle roles such as tower and crawler crane operation, lifting supervisors and slinger signallers. The business has been involved in many major contracts over the years, such as London 2012 Summer Olympics, Crossrail and Merseylink.
MPS is now planning to explore new project opportunities and looks forward to an exciting future.
Praetura Commercial Finance supported the deal with a funding facility combining confidential invoice discounting and finance against MPS’s property.
Kevin Griffiths, General Manager and Financial Controller at MPS, said: “We’re pleased to begin our partnership with Praetura. Its understanding of our needs and tailored financial solutions have been pivotal to activating our plans to expand further afield and seek new clients. The investment also reinforces our commitment to providing top-tier services with even greater efficiency to our clients, customers and associates.
“The refinancing has allowed us to continue working with our clients in a sector that some lenders struggle to see value in. We are delighted to have found a funding partner with an appetite for the sector and we can now move forward to explore opportunities for expansion and growth more comfortably.”
Tom O’Dell, sales director at Praetura Commercial Finance, added: “MPS plays an essential role in servicing Britain’s construction sector. It’s well known that construction is the heartbeat of the UK economy.
“MPS has exciting plans to grow and we jumped at the chance to work with the business and boost their ability to service growing demand. Along with creating a funding package that suits its individual needs, we are pleased to offer support amounting to more than money as MPS plays their part in the economic recovery.”
Scott Ellis from Teneo Financial Advisory introduced the deal and acted as lead advisor to secure a new funding partner. Legal advisors to Praetura were Browne Jacobson LLP led by Graham Ball and legal advisors to the company were Geldards led by Adam Thomas.