OakNorth has provided a £4.2m facility to Dartmouth Partners Ltd as Literacy Capital PLC has taken a significant minority position in the recruitment company.
Dartmouth has a presence in both the UK and Germany and is the chosen recruitment adviser to over 300 firms with key clients including UBS, Credit Suisse, Deutsche Bank and Manchester United Football Club.
Literacy Capital focuses on investing and supporting early stage UK businesses and was founded in September 2017.
The recruitment company is planning to broaden its sector coverage and the acquisition by Literacy Capital will see the strengthening of its senior team with the appointment of Jess Watts as a non-executive chairman and Neil Cartwright as CFO.
Dartmouth also hopes that with Literacy Capital’s support, it could increase the size of its team from 60 people to 100 by 2020.
Logan Naidu, founder and CEO at Dartmouth, said he was proud and humbled by its growth since launching in 2012 and praised OakNorth for its work on supporting the latest stage of its expansion.
“We have been fortunate to work with some of the best candidates in the market and in Literacy Capital, have found a partner who shares our ambition and passion.
“The team at OakNorth completed the transaction in just two weeks which is quite frankly not a time frame we’re used to getting from banks.
“Their speed and efficiency meant we were able to take advantage of this exciting opportunity and focus on continuing to grow our business with the help of Literacy Capital.”
Deepesh Thakrar, senior debt finance director at OakNorth (pictured above), added that the recruitment sector was one that had seen continued growth in the last few years.
“While it’s clearly an incredibly competitive sector, Logan and his team have been able to carve themselves a niche and establish themselves as a leading player in both the financial and legal sectors.
“Dartmouth’s unique approach of placing candidates from top-tier universities into intern and graduate roles, all the way up to executive management positions, has earned them trust and respect in the industry, as well as catching the eye of renowned investors such as Literacy Capital.
“We’re very excited to have been part of this transaction and look forward to working with both businesses in the future.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Arbuthnot provides working capital facility to shower company
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company...
Metro Bank names new NED
Metro Bank has announced the appointment of Catherine Brown as an independent non-executive director...
FP Show confirms Zopa co-founder as keynote speaker
James Alexander, co-founder and former CEO at Zopa (pictured above), has been named as the keynote speaker at the forthcoming Finance Professional Show...
Metro Bank provides £4m invoice finance line to healthcare business
Metro Bank has provided a £4m invoice finance line to medical insourcing specialist 18 Week Support Group...
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...
Aldermore supports Quba Solutions with £10m facility
Aldermore has provided a £10m finance facility to Dorchester-based Quba Solutions...
TSB announces new SME banking leadership team
TSB has revealed its new SME banking leadership team as it prepares to launch its business banking proposition later this year...