Debt funding will enable PES to accelerate its growth as a leading provider of employee benefit services
London, 29 May 2019: Beringea today announces that it has advised and arranged debt funding worth up to £500,000 to Premier Employer Solutions (PES), a provider of online employee benefits solutions, HR consultancy and services for workplace wellbeing. The funding package, provided through Beringea’s ProVen Legacy, will enable PES to accelerate its growth.
The services provided by PES enable growing companies to create a supportive workplace culture that attracts and retains the talent they need to thrive. Its solutions include an online employee benefits platform, flexible and voluntary benefits such as gym membership, cycle to work schemes and shopping discounts, health and group risk insurance products.
PES has a range of clients from companies with a headcount of a dozen through to larger businesses with up to 1,500 employees. The business is led by Ian Rummels, who founded PES in 2001 to enable mid-sized and smaller businesses to access integrated employee services.
Ian Rummels, Founder and CEO of PES, commented: “PES is at a very exciting stage in its development. We are seeing rapid changes to our technical capabilities and a growing interest in our product, not just from clients seeking employee benefits solutions but from bigger providers looking to access our technology. This investment will help us realise our ambitions to increase market share and grow the business in new directions.”
Mark Taylor, Partner at Beringea LLP, the Lending Adviser to ProVen Legacy, commented: “Ian and the team at PES have built a business that provides a remarkably valuable service to mid-sized and smaller companies. The funding provided by ProVen Legacy is testament to the strength of PES, the leadership of the management, and the potential for this business to accelerate its growth.”
ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief, an incentive established by the UK government to encourage investment into trading businesses. Investors in ProVen Legacy will benefit from up to 100 percent inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death. Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5 million.
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