Foresight investment just the job for recruitment firm
Foresight Group (Foresight) has invested £2m into Nottingham-based QS Recruitment, from the Foresight Nottingham Fund to support a management buy-out.
QS recruitment sales director and managing director designate, Peter Gillespie, has led the deal and become a shareholder in the business alongside Brian Smith and Kevin Gray.
QS Recruitment has offices in Nottingham, Burton, Lincoln, Derby and Worksop. It has sales of over £8m.
The new management team has plans to expand the business into new geographical locations across the Midlands and strengthen its healthcare offering. The incumbent management are joined by new chairman Alan Dickinson, formerly managing director of Michael Page UK, and Tony Daly as finance director.
Funding for the MBO was structured by Royal Bank of Scotland with a Term Loan and Invoice Discounting facility.
Gillespie said: “Our commitment at QS Recruitment is to provide quality services to our clients and I am delighted to complete the MBO and work alongside the team at Foresight. At QS Recruitment we are predominantly known for our experience in the logistics sector but have been gradually expanding into other areas. Our aim is to continue to grow our other industry sectors such as our Care Home division and expand geographically, opening additional branches in the East Midlands and Yorkshire”.
Sebastian Saywood of Foresight also joins the Board and said: “QS differentiates itself by providing a customer centric service centred on short lead times, 24-7 response and a significant database of experienced candidates in supply constrained markets. I’m looking forward to working with Peter and his colleagues in a strong and ambitious management team as they continue to grow the business.
Stuart Watson, director corporate transactions team at Royal Bank of Scotland added: “This deal has been a real team effort working alongside Andy Tyas, Relationship Director, Alan Stanley, Business Development Director, and Kevin Burrows, Business Development Manager at RBS Invoice Finance. We are delighted to deliver a complete funding solution to support the completion of the MBO and look forward to seeing the business go from strength to strength.”
Advisors on the deal included Austin Moore Law, Mazars, Fraser Brown, Flint Bishop, Actons, Eastwood Anglo Corporate Finance, Smith Cooper and Neovian Partners.
