Garner Acquires Norman Broadbent
Garner plc has announced it is to acquire Norman Broadbent for 5.5m, and the Conversion of all of the Company's Preference Shares into 8 Ordinary Shares and 1 Deferred B Share, removing in aggregate 1.213 million of liabilities from the Company. Garner will be Placing 0.73m to fund costs associated with the Proposals
Andrew Garner, the current Chief Executive of Garner to become Executive
Chairman and Sue O'Brien, the current Managing Director of Garner becomes
Group Managing Director. Commenting, Andrew Garner, the Chief Executive of the Company, said: "The acquisition of Norman Broadbent marks a significant step change in the size and the prospects for Garner plc. The Directors believe that the combination of Garner International and Norman Broadbent will make the Enlarged Group one of the largest providers of executive search services in the UK. I am delighted to be taking on the role and challenge of Executive Chairman for the Enlarged Group with Sue O'Brien becoming Group Managing Director. We believe that executive search, as opposed to volume recruitment services, is better placed to withstand an economic downturn, with board members likely to be looking to enhance or reconfigure the capability of their senior leadership teams in this economic environment. We believe that the teams at Norman Broadbent and Garner International are ready for this exciting challenge."
The1 advised BNB on the disposal.