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Browne Jacobson advises Lloyds Bank Plc and HSBC Bank Plc on £50m funding package

11 June 2014

The Banking and Finance Team at Browne Jacobson has advised Lloyds Bank Plc and HSBC Bank Plc on a £50m medium term funding package as part of Staffline Groups £65m acquisition of Avanta Enterprise. Avanta is one of the UKs leading Welfare to Work and training providers. With an annual turnover of £70m Avanta operates through 43 locations employing around 600 staff. Its clients include the Department for Work and Pensions and the Skills Funding Agency.

Following the acquisition Nottingham based Staffline Groups existing Welfare to Work operation EOS will be merged with Avanta to create the third-largest welfare-to-work provider in the UK

With its headquarters on Nottinghams NG2 Business Park, Staffline Group plc is an AIM listed recruitment organisation specialising in permanent and temporary recruitment and training services to the food processing, manufacturing, e-retail and logistics. Established in 1986, the company has achieved outstanding growth in the last ten years both organically and through a series of strategic acquisitions. This latest acquisition will bring Staffline Groups combined turnover to around £500m.

Paul Ray, partner and head of banking, led the Browne Jacobson team advising Lloyds and HSBC assisted by Emma Hopkinson, Chereta Edmeade and Tina Robinson.

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