Abacus Employment Services lands £3.3m multi-lender debt package
What's the deal? Advisory firm Leonard Curtis has arranged a £3.3m multi-lender debt package for Abacus Employment ServicesDealroom has a profile for this one. Try Dealroom →, a Basingstoke-based recruitment business.
The deal refinanced existing borrowing and brought in three new funding partners: Sancus UKDealroom has a profile for this one. Try Dealroom →, Finance For EnterpriseDealroom has a profile for this one. Try Dealroom →, and Cynergy Business FinanceDealroom has a profile for this one. Try Dealroom →, the asset-based lending arm of Cynergy BankDealroom has a profile for this one. Try Dealroom →.
Abacus, which connects employers with job seekers across its region, will use the facilities to strengthen working capital and back its long-term growth plans.
Why now? The package replaces the firm's previous debt while improving liquidity and financial flexibility, giving it room to fund clients and expand.
"Finding the right funding structure was a critical step for the business," said Phil James, finance manager at Abacus.
What could go wrong? Stitching together multiple facilities and lenders is complex, and Leonard Curtis admitted the deal required a carefully tailored solution.
As debt rather than equity, the package adds repayment obligations that could weigh on cashflow if growth stalls.
The signal: For an early-stage business like Abacus, stitching together three specialist lenders — Sancus UK, Finance For Enterprise, and Cynergy Business Finance — points to how mid-sized UK recruitment firms are turning to asset-based and corporate funders rather than traditional bank loans to bridge payroll-heavy working capital cycles.
Read more: The Intermediary
Image credit: "Abacus Employment Services Ltd" by Logomachy is licensed under CC BY-SA 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by-sa/2.0/.
