Safeguard World International, a leading provider of global managed payroll and global employment outsourcing is accelerating its expansion plans after receiving a $6 million funding package from Clydesdale and Yorkshire Bank.
Safeguard World International, which is headquartered in Sandbach, is a leading provider of global payroll and employment outsourcing solutions for multinational companies with workforces located across the world. The company was recently placed 12th in the Sunday Times BT Business SME Export Track 100, which ranks the UK’s top 100 SMEs with the fastest-growing international sales.
Clydesdale and Yorkshire Bank’s Growth Finance team is providing $6 million funding support over a three-year period, which will be used to fund additional working capital requirements as the company focuses on expansion plans.
Since its inception in 2008 Safeguard has enjoyed significant growth and in 2014, the company’s revenue increased to c£19m following new contract wins with Fortune 500 companies requiring international payroll and outsourced employee solutions.
Safeguard processes over 800,000 pay slips per year, has long-standing relationships with high-quality partners in over 165 international markets and, in addition to its UK facility, has established global management centres in the US, Mexico and India. In total, the Group employs c.350 people.
Founder and Chief Executive Officer of Safeguard Bjorn Reynolds commented, “Safeguard World International continues to grow faster than our competitors, propelled by our values, our passion for this market, and our desire to continuously improve. This new and flexible funding facility from Clydesdale and Yorkshire Bank further supports our plans for continued growth”.
David Hayers, Head of Growth Finance at Clydesdale and Yorkshire Bank said: “The ability of Safeguard’s management team to continually develop and enhance the company’s offering to clients has seen it enjoy continued growth.
We look forward to working with Bjorn and his team as they progress their plans for further expansion.”