InterQuest Group plc has announced a 200,000 investment
InterQuest Group plc has announced a 200,000 investment in Korus Recruitment Group Limited
InterQuest is delighted to announce that on 5th August 2009 it invested 200,000 for a 50.1% controlling interest in Korus Recruitment Group Limited ("Korus"). This represents InterQuest's third venture under its IQ Equity Programme.
Korus commenced trading on 1st January 2009 and is the parent company for a Group of start-up, specialist IT recruitment companies. Korus will be led and managed on a day-to-day basis by David Seear. So far two new businesses have been established in Chester and Haywards Heath and are trading in line with expectations.
David was a founder, major shareholder and Chief Executive of Sand Resources Limited which was founded in 1999, purchased by InterQuest in May 2006 and continues to grow revenue and profits within InterQuest. David left Sand in April 2008 since when the company has continued to thrive.
Under the terms of the joint venture, InterQuest will own 50.1% of the equity in Korus with the remaining 49.9% equity owned by David Seear.
Commenting on the investment Gary Ashworth, Chairman of InterQuest said: "We are delighted to team up again with David Seear who has started, successfully built and sold two recruitment businesses to date and we look forward to building another strong, specialized and highly profitable group of recruitment businesses."
Commenting on the JV, David Sear of Korus said: "I am very pleased to be joining forces with InterQuest again and look forward to combining my entrepreneurial background with the skills and infrastructure of the InterQuest team."