CLYDE Group, which supplies services such as recruitment, training and business travel to the marine and other industries, has secured a £5 million bespoke funding package from Barclays to help it achieve its growth ambitions, including the development of a specialist pool for training, writes Emma Newlands.
The revolving credit structure will also back a restructure of Hillington-based Clyde's shareholder base.
Regarding the pool plans, the company will develop the facility in the central belt, increasing the accessibility of offshore training to oil and gas and marine workers. Currently they have to travel to the north east of Scotland for survival training and now need to train more frequently because of new legislation.
Clyde Group's managing director Joyce Downie described Barclays' offering as "innovative". "In addition, their unique approach of designated support to make what can be a stressful operation as painless as possible worked perfectly," she said.
The deal was led by Alan Maudsley, head of corporate development at Barclays Corporate Banking, Scotland, who said the lender had established a "strong" relationship with the group, which was founded 25 years ago.
"When the opportunity arose to provide funding for the next stage in the company's growth, we developed a tailor-made solution to meet the needs of the business," Mr Maudsley said.
He also praised the group for being "a great example of an organisation that has diversified successfully into complementary new sectors while still retaining a strong market share and reputation in the marine industry". Clyde Group now operates in sectors including leisure travel, healthcare, uniforms and workplace safety.
Mr Maudsley said the group is "exactly the type of company we are keen to support as we increase our loan book in Scotland".
It was announced earlier this month that Barclays had granted funding to Glasgow plant and equipment hire firm GAP Group and Renfrewshire Electronics.
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