GROWING recruitment group Nicholas Associates has bought a specialist HR recruitment company as it continues to seek fast growth.
The Rotherham-headquartered group has bought Ashley Kate HR for an undisclosed “seven-figure sum”, just weeks after acquiring North East firm XL Graduate Placement.
Its latest acquisition has been underpinned by “an eight-figure refinancing” of the group, supported by RBS and RBS Invoice Finance, which is continuing to grow and diversify. The group’s most recent accounts, for 2014, showed turnover of £66m, while had increased by 50% in three years.
Ashley Kate HR employs more than 30 people across its operations in Yorkshire, the Midlands and London and its integration into Nicholas Associates is seen as an important step in the group creating an “apprentice to boardroom” offer.
Lisa Gainsford, chief executive of Nicholas Associates, said: “The company has an exceptionally strong brand and online social media presence, robust financial performance and a niche specialism that complements our other professional arms of engineering, finance and executive recruitment.”
Ashley Kate HR was founded in 2001 by Hilary Scanlon and Naomi Asher, with the joint managing directors each controlling half of the company. Ms Asher will remain with the business, working alongside the management team, while Ms Scanlon will exit.
In a statement, they said: “After 15 years of running the business as an independent recruitment consultancy we made the decision to find a new home for the company that would offer growth whilst maintaining quality of service.
“We are confident that the investment, not just financial, from the new owners will ensure the company continues to go from strength to strength.”
Squire Patton Boggs’ corporate partner Paul Mann and associate Mae Salem advised Nicholas Associates.
Mr Mann added: “These transactions underline the scale of ambition of the management team which has a clear vision for the growth of its business, leveraging the brands within its group to access new specialist markets.”
DSW TS Leeds provided due diligence for Nicholas Associates and RBS. The vendors were advised by Springboard Corporate Finance, led by partner Ben Bolt and assistant director James Bailey.
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