Invest Northern Ireland offers £1.25m loan and £49.9k grant to UK firmAll Articles
RMS Group Services, one of the UK and Ireland’s largest independent providers of bespoke cash management, is set to create 100 new jobs in Belfast over the next five years, with 200 additional jobs to be based across its Slough and Dublin operations.
Established in 2005, the company's services include cash and valuables in transit, cash processing, coin and note supply, foreign exchange and ATM services.
Northern Ireland Economy Minister Simon Hamilton MLA 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 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.”
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.”
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.
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).
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