Fifth deal for RSM Bentley Jennison
THE Manchester corporate finance team of RSM Bentley Jennison has completed its fifth transaction of the year with the sale of Yorkshire recruitment firm The Workplace to AIM-listed Staffline Group.
The Workplace, based in Cleckheaton, was formed by Rodney and Margaret Hardcastle in 1992. The company has 14 staff and had revenues of £4.5m. The founders have now left the business.
Nottingham-based Staffline, which is listed on AIM is £120m turnover provider of recruitment and outsourced human resource services to industry.
Jay Singh, corporate finance manager at RSM Bentley Jennison, commented:
“To complete transactions at this time, both parties need to be flexible and think outside the box.
“Throughout this transaction we faced some interesting issues, however through open discussions between both parties, we were able to put together a deal structure that suited all.
“There are definitely opportunities in the market and we feel that applying a flexible approach will result in a greater percentage of transactions completing.”
Julian Bond of Glaisyers provided legal advice to the vendors and Gavin Cummings of Browne Jacobson provided legal advice to Staffline.
