Specialist recruitment firm targets international growth following MBO
A Manchester-based specialist recruitment firm has undergone a management buyout, enabling one of the co-founders to exit.
V7 Recruitment, which also has an office in Germany, specialises in the niche recruitment markets of aviation, construction, utilities, fire and security, data centres and pharmaceuticals.
It was founded in 2017 by entrepreneurs and business partners, Steve Whiston and Keith Jones. They were joined by recruitment experts Alex Waterhouse and Claire Hodgson, with operations director, Natalie Wood, joining a year later in 2018.
The business now boasts a 22-strong workforce and is forecast to deliver £14m in revenues for the 2023 fiscal year, and £20m in 2024.
As a result of the management buyout, for an undisclosed sum, Steve and the existing team have acquired an additional 33.5% shareholding, enabling Keith to exit the business.
Following the buyout, Steve and the management team have plans to scale their operations in the UK and internationally by cementing their European offering via their German office and expanding into America by 2027.
The buyout was supported by experts in recruitment finance and existing financial provider Zodeq, along with Cheshire-based accountants, Afford Bond.
Advising Steve and the management team on the MBO was Manchester-based Ward Hadaway. Legal advice to Keith Jones was advised by JMW.
Paul Cooney, managing director of Zodeq, said: “We have a strong relationship between our two businesses that we hope will continue for some time to come.”
Steve Whiston said: “Having moved into our new 4,000 sq ft NQ home in early part of the year, we have a very clear strategy on how to double our business over the next 24 months.
“Our MBO and the additional funding that we have secured will help V7 go to the next level in 2023.”
He added: “We are extremely thankful to Tom Hornbuckle at Afford Bond, Gareth Smith and Paul Cooney from Zodeq and Emma Digby from Ward Hadaway for their invaluable assistance throughout the process.
“Our growth plans are ambitious, but we are confident with our established team and support network of its execution.”
