Staffline, the Nottingham-based recruitment and training group, has agreed a revised £103m financing plan with its lenders.
It revolving credit facility has been cut from £78m to £20m, while the firm’s overdraft has been reduced to nothing from £25m and a £73.2m receivables finance facility is now in place.
Terms of the new facilities include restrictions on new material share, business and asset acquisitions until July 2022.
Ian Lawson, Executive Chairman of Staffline, said: “We are pleased to have secured the refinancing of Staffline and wish to thank our lenders for their ongoing support.
“The Group has a solid liquidity position through to March 2021 and this refinancing provides us with the platform to focus on our turnaround plan which includes margin improvement measures, cost reduction initiatives and working capital improvements.”