Seeking £1,000,000, CIP Recruitment aimed to establish a new North West regional headquarters in Manchester following two successive years of EBITDA growth.
So the recruitment company turned to UK Bond Network where the auction generated £1,125,000. Twenty per cent of the money raised was assigned to establishing the Manchester office with the rest facilitating further development of personnel and premises.
Founded in 1993, CIP is a specialist temporary recruitment business with 9 UK branches and 4 onsite client locations.
Gary Pinchen, CEO of CIP Recruitment comments:
"The expansion of our operations in Manchester is a strategically important move for our business. Business growth in the area, combined with a high number of skilled, work-ready individuals emerging from the city’s educational institutions, means there is a real need for recruiters.
“We plan to house a 35-person team in the Manchester office, employing between 500 and 600 people per day in the city. More than 90% of our staff will come from the local area, bringing invaluable regional knowledge to us.
"Lots of people talk the talk, but don’t walk the walk. UK Bond Network delivered exactly what they said they would deliver."
Amount raised: £1,125,000
Final interest rate: 10%
Average bid size: £20,833
Funding required: £1,000,000
Additional return: Bonus payment related
Security: All assets debentures granted by the issuer and guarantors
Term & repayment: At investors’ discretion:
Series A (24-month term): Interest-only year 1, fully- amortising year 2
Series B (36-month term): 3-year interest only
SIPPable: Yes – through our partnership with SIPPclub
Underwriting: This bond was underwritten for the minimum requirement of £1,000,000 at an interest rate of 10% per annum