Multimillion-pound buy-out as recruitment firm changes hands
A Northants recruitment firm has changed hands in a multimillion-pound deal.
Founding director Paul Hooper has become the sole shareholder of Impact Recruitment after acquiring his fellow founding partner Neil Kitchener’s shareholding in the business.
Impact Recruitment was founded in 2002 by Hooper and Kitchener along with Nigel Buller. It now operates from three bases in Northampton, Corby and Wellingborough.
Funding for the multi-million-pound buyout was provided by Allied Irish Bank (GB).
Hooper said: “Neil, Nigel and I have built a successful business, which I am keen to continue to develop by increasing our position in our key markets. We have a talented team, with great experience and knowledge who will be instrumental in our future growth as we develop our relationships with new and existing clients, whilst strengthening our portfolio of candidates. I wish Neil well for the future and thank him for the part he’s played in establishing and growing Impact Recruitment.”
Kitchener said: “After successfully executing our three-year strategy exceeding all goals, most notably increasing sales from £8m to £13m, I feel that I am exiting with the business in its strongest ever position. I am delighted that Paul has been able to acquire a 100% shareholding in Impact and I am certain that he will successfully take the business to the next level.”
Advising Hooper on the share buyout was Newcastle-based RG Corporate Finance with a team led by corporate finance senior manager, Alex Simpson, and head of corporate finance and partner, Carl Swansbury. Legal advice to Paul was provided by Ian Brent and Diana Mennie from Fladgate. Tax advice was provided by Simon Whiteside and Charlie Burton of RG Business Tax.
Kitchener was advised by Philip Ellis of Optima Corporate Finance with legal advice from Steven Raize and Katherine Hornsby from Gateley.
Funding support was provided by business growth manager, Martin Rankin and senior relationship manager, Chris Dixon from Allied Irish Bank. Ward Hadaway provided legal advice to AIB.
