The funding facility will help MPS to pursue new project opportunities within the construction sector. Credit: Praetura Commercial Finance / Millennium Personnel Services / City Press Services Limited.

Praetura Commercial Finance, a UK-based financial services provider, has extended a £3.85m ($4.87m) funding facility to Millennium Personnel Services (MPS).

The funding will enable MPS to pursue new project opportunities in the construction sector, focusing on supplying specialised and qualified crane operators.

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The funding arrangement by Praetura Commercial Finance includes confidential invoice discounting and finance against MPS’s property assets.

It is anticipated that this strategic financial will enhance MPS’s capacity to undertake and deliver on significant construction projects.

The deal was facilitated by Scott Ellis from Teneo Financial Advisory, who acted as the lead adviser, playing a pivotal role in securing a new funding partner for MPS.

Legal guidance for Praetura was provided by Browne Jacobson, with Graham Ball at the helm while MPS was advised by Geldards, led by Adam Thomas.

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MPS general manager and financial controller Kevin Griffiths said: “We’re pleased to begin our partnership with Praetura. Its understanding of our needs and tailored financial solutions have been pivotal to activating our plans to expand further afield and seek new clients.

“The investment also reinforces our commitment to providing top-tier services with even greater efficiency to our clients, customers and associates. The refinancing has allowed us to continue working with our clients in a sector that some lenders struggle to see value in.”

With over 25 years of experience and headquartered in South Wales, MPS boasts a client base that includes industry leaders such as Select Plant Hire, Balfour Beatty, and Sir Robert McAlpine.

MPS has 25 employees, including five site assessors dedicated to ensuring the quality of the crane operators.

The company’s extensive network allows it to place approximately 180 specialist operators weekly, who collectively execute over 5,600 lifts.

This March, Praetura Commercial Finance and its sister company Zodeq received a £200m asset-based lending securitisation facility from Barclays.