Economy Minister Simon Hamilton MLA has announced RMS Group Services, has secured a £1.25m investment from the Growth Loan Fund.
RMS is one of the UK and Ireland’s largest independent providers of bespoke cash management. Established in 2005 its services include cash and valuables in transit, cash processing, coin and note supply, foreign exchange and ATM services.
Welcoming the investment the Minister said; “RMS Group Services is a high growth business undertaking developments that will double its existing workforce and enable the company to pursue larger contracts in its target markets. The company has grown steadily over the past 12 years and this growth has been borne out on a programme of investment in both new markets as well as investment in the head office infrastructure and management team in Northern Ireland. I am pleased RMS has benefited from this Growth Loan Fund loan of £1.25m and the £49,900 skills development grant from Invest Northern Ireland.”
The major investment by the company is expected to result in the creation of 300 jobs over the next five years. One hundred of the new jobs will be located in Belfast with the remainder based across its Slough and Dublin operations.
The Minister added: “The Growth Loan fund is a key component of Invest Northern Ireland’s Access to Finance portfolio and this news demonstrates the impact such financing has in enabling businesses to grow and create new jobs.”
Tony McAleenan, Finance Director of RMS Group Services said: “We’ve grown the business steadily over the past 11 years, solidifying our position in Northern Ireland whilst breaking into new markets, particularly Great Britain and ROI.
“We made a strategic decision earlier this year to expand into the South East of England, establishing a new base in Slough and we are very happy with how that base is performing. We have won a number of key contracts in the region, giving us an excellent platform for further growth in 2017.
“The cash management market in the UK and ROI has transformed dramatically in the past few years. Notably, some major players have left the market, so there is an opportunity for us to pursue new customers and become the number one cash management service provider.”
Mr McAleenan praising the support of the Growth Loan Fund added: “This loan will help us facilitate growth into new markets, more than double our existing workforce and add to our fleet of vehicles. The WhiteRock team were excellent in putting together an exceptional financial package to support our next phase of growth.”
David McCurley, Senior Investment Manager at WhiteRock Capital Partners, said: “Our investment in RMS Group Services is one of the largest single loans provided by the Growth Loan Fund to date.
“The company will be able to create 300 new jobs across its three sites. The senior management team has identified a number of opportunities to expand the business in the ROI and GB markets, with a clear strategy of how to continue their growth. The opportunity to invest in a business that has the potential to become the leading player in their market was an easy decision.”
Charlie Kerlin, Director of Corporate Finance at Grant Thornton, which helped advise the company, commented: “Grant Thornton are pleased to have worked with RMS Group Services on the fundraising exercise in support of their ambitious growth plans. Our team worked very closely with the RMS management throughout the process and were able to use our experience of funders to achieve a successful outcome.”
Notes to editors:
- RMS reported revenues of £8m earlier this year and currently has 200 employees across its three sites. Revenue correct as of March 2016
- Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
- Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors. For more information about the Growth Loan Fund’s criteria please contact email@example.com or go to the website.
- WhiteRock Capital Partners LLP is authorised and regulated by the FCA. It was established in 2012 to manage the Fund and is owned by a consortium of three partners – WhiteRock Finance Limited, NEL Fund Managers and Clarendon Fund Managers.
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