Turnaround fund buys outsourcing firm
ENERGIZE Capital has acquired a majority stake in recruitment outsourcing businesses Oriel Support, Oriel Contractors and Oriel Accounting for an undisclosed fee.
Warrington-based Energize, the private equity business founded by former Ford Campbell partner Jeremy Carr, has also arranged new banking facilities for the Oriel businesses with Royal Bank of Scotland Invoice Finance.
Oriel provides recruitment agencies with funding, payroll, credit control, umbrella services, and accounting support. It also provides administrative support to contractors.
The Cheltenham-based company was founded in 2000 by chartered accountant Brian Pursey, who will remain with the business.
It has a turnover of around £80 million and employs 35 staff.
Three years ago, Oriel was listed in the Real Business Top 100 Fastest Growing companies but it recently faced difficulties due to the floods that hit the town in 2007 and the subsequent economic downturn.
Mr Carr said: “Oriel has a really good management team and with our knowledge and contacts in the recruitment sector we expect to return this business to significant profits.”
Brian Pursey, CEO of Oriel Holdings, said: “I am delighted this investment has been made, it provides the capital base that we need to grow the business.”.
The company was advised by Ford Campbell Corporate Finance and Cheltenham law firm Oriel Holdings. Danny Varney, corporate partner at law firm Pannone acted for Energize. Due diligence was carried out by MaxAim and tax advice was provided by Pareto Tax.
