Recruitment business spends £3.1m on education company

AIM-LISTED recruitment business Servoca, which has its education resourcing arm in Yorkshire, has acquired a specialist business for £3.1m.

It has bought Classic Education Ltd, based in Kent as a bolt-on to its Halifax-based Servoca Education Resourcing business for an initial £1.2m.

The company says there are high levels of demand in the area, but it does not have an existing presence there.

Servoca will pay a deferred consideration of £1.9m on top of that, subject to Classic Education meeting profit targets within the first two years.

Andy Church, CEO of Servoca said: “We are delighted that Classic Education is now part of Servoca.

“The acquisition of a long-established local provider in this area increases our national branch network coverage. In total we now have 15 UK locations and one overseas office from which we service local schools.”

Paul Johnson, corporate partner at the Leeds office of Mills & Reeve advised Servoca.