Financial recruiters go for growth with merger
FINANCIAL recruitment specialists Watson Moore and Axon Resourcing have merged to create a nationwide business.
The combined business – which will trade under its existing brand names – made EBITDA of £1.1m on revenues of £13.5m in 2014 and has 57 staff at six offices.
Watson Moore operates in Manchester, Leeds and London, while Axon is located in the East Midlands, the West Midlands and has an office in Stockton Heath near Warrington, where it does work for the public sector.
David Moore, co-founder of Watson Moore and executive chairman of the enlarged group said: “We are performing really well and I just felt we needed to add some greater geographical sale and new sector exposure.
“This deal is all about growth and I am very excited as I think we will be pretty unique in terms of our office network and the strong relationships we have in our markets.”
Trading for both Watson Moore and Axon has been strong so far in 2015 – earnings and revenues are up 20% .
Alongside David Moore, Axon’s founders Andrew Edwards and Virginia Mellers become managing director and operations director.
WM co-founder Derrick Watson will lead a new national chief financial officer practice. This venture sees Watson Moore and Axon leading the way in extensive recruitment for entrepreneurial SMEs with private equity backing, as well as significant activity in the corporate sector. Eric Tomlinson will oversee the further roll out across new locations of the public sector practice.
Andrew Edwards, said: “This is an exciting move which brings together two businesses with a very similar cultural outlook and values. With a truly nationwide presence and some highly experienced recruiters, we have a superb platform for further growth.”
Watson Moore is one of the sponsors of North West The Rainmaker Awards 2015, which takes place on Thursday evening at the Hilton Hotel in Manchester.
Advisers included Ian Gillis and Mercy Mba of the Hill Dickinson Manchester corporate team, who provided legal advice to Watson Moore, with EMW providing legal advice to Axon. John Fairhurst and Patrick Morris of Fairhurst Accountants provided financial and tax advice.
