RENFREWSHIRE Electronics, known as REL Group, has secured a £2.1m funding package and all day-to-day banking services from Barclays, saying it is ??delighted?? to be partnering with the lender.
RENFREWSHIRE Electronics, known as REL Group, has secured a £2.1m funding package and all day-to-day banking services from Barclays, saying it is ??delighted?? to be partnering with the lender.
The company, based in Port Glasgow and founded in 1995, said the arrangement will enable it to pursue its expansion and back the growth of its new recruitment business.
The latter launched in August, servicing industries including engineering, electronics, oil and gas and renewables in the UK and Europe.
According to Barclays, the banking deal comes after REL Group, which provides IT and electronics supply-chain management solutions to various computer manufacturing and services businesses, achieved ??a period of significant growth and business diversification??.
The group??s managing director Ian Ramage said it ??continues to go from strength to strength??.
He added: ??We are certain that Barclays are the perfect fit for REL now and for our planned growth in the future, and we look forward to building a strong and lasting relationship with them.??
Barclays said the transaction was managed and funded byits corporate development team.
Ally Scott, managing director at Barclays Corporate Banking, Scotland, said: ??2014 has been a significant year for REL Group, not least with the launch of its recruitment division, and the business was looking for a lender who shared its appetite for growth.??
Barclays said the finance package follows several major deals it has completed in recent months as it grows its loan book in Scotland.
In August the bank said new media marketing specialists 77Agency had secured a £2m trade loan from the bank.
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