MBO at £17m turnover recruitment business
THE senior team of Essential Recruitment have completed a multi-million-pound management buyout from founder and majority shareholder Gary Wilson.
Established in 2006, the £17m turnover Chesterfield-based firm manages temporary workforces for more than 200 clients in the Yorkshire and East Midlands regions. It operates from an eight-branch network, supplying more than 1000 temporary staff each week.
The senior management team comprising Marc Orli, Kristyan Rachael, Carl Wootton, Lisa Hadfield and Alison Wilby plan further expansion from both the existing branch network and from additional locations.
Hawsons Chartered Accountants provided lead advisory (Pete Wilmer) and tax advisory (Peter Kennan) services for the deal.
Mr Wilmer, corporate finance partner for Hawsons, said: “It has been a pleasure to work with the management team over recent months in making their aspiration of company ownership a reality. The breadth of skills and expertise which the team possess gives me every confidence in the ongoing success of Essential Recruitment.”
Barclays Corporate Banking (Nick Salmons, relationship director and Julie Bennett, business development manager) provided funding facilities for the transaction while legal advice to the management team was provided by Nabarro (Gareth Saynor, partner, and Caroline Walker, associate).
Russell Thompson of Massers Solicitors acted on behalf of the vendor.
