GMAC Commercial Finance Provides £5 Million in the Management Buyout of the European Network Group
Published June 24th, 2009
GMAC Commercial Finance (GMAC CF) has backed the management buyout of European Recruitment Network Group (ERN) by Redwood Group Ltd. ERN is a £50 million recruitment group specialising in healthcare and professional and technical temporary staff.
Demonstrating its commitment to supporting U.K. businesses, GMAC CF provided a £5 million Confidential Invoice Discounting facility to complete the transaction, repaying in full the balance due to ERN’s bank and providing working capital for the new group.
“The Redwood Group chose GMAC CF, from a number of asset-based lenders, to provide the company’s Confidential Invoice Discounting for their proven ability to quickly understand the Group’s business plan and deliver on timescales” said Redwood Group Chairman and Chief Executive Officer John Cariss.
