Servest Group has raised £90 million of working capital and acquisition facilities. The move will enable the organisation to further develop its ambitious growth strategy to, it claims, become one of the top five FM service providers in the UK.
“This capital raising is part of our growth strategy which we aim to achieve through a mix of organic growth and acquisition,” said Rob Legge, Servest's group chief executive officer UK and Europe.
The organisation has made several key acquisitions over the past few years including building services firms Maxwell Stewart and FSG in July and October 2013 respectively, 7 Day Catering in December 2012, Stag Security in May 2012, and Turners Cleaning and Support Services in October 2011. Servest has also won some major new contracts over the past few months including an £8.5 million per year catering contract with the BBC, and a £9 million relationship with the London Borough of Sutton together with extensions for existing clients such as Matalan.