RSM TENON ADVISES ON SALE TO STAFFLINE
THE RIGHT ETHOS RSM TENON ADVISES ON SALE TO STAFFLINE
THE NOTTINGHAM office of RSM Tenon has advised in the sale of Ethos Recruitment Limited to Staffline group plc.
The RSM Tenon corporate finance team advised Midlands-based Ethos on the deal which saw its buy out by Staffline for an undisclosed sum.
Nottingham-based Staffline provides staffing and training services to a number of clients across an array of industry sectors throughout the UK. An AIM listed staffing business, Staffline was established in 1986 and has achieved outstanding growth in the last ten years both organically and by acquisition.
Ethos Recruitment Limited is a Midlands based staffing business led by Julia Doherty and Matt Mumford. It specialises in the placement of driving and logistic personnel into a variety of industry sectors throughout the UK. The business complements Stafflines existing activities while also giving Staffline a greater presence in the driving and logistics space, said Carl Swansbury, who led the deal for RSM Tenon with Mukesh Bulsara.
Carl and Mukesh worked closely with the owners of Ethos to identify Staffline as a potential buyer for the business due to the strategic fit of the two businesses. RSM Tenon managed the deal through to completion.
Carl, corporate finance senior manager, said: This is a fantastic result for both Ethos and Staffline the businesses fit perfectly. In Matt Mumford and Julia Doherty we found two exceptional entrepreneurs and not least a very well run business. It has been a real pleasure advising and leading the transaction and we wish both Ethos and Staffline every success together going forward.
Julia, who will continue on in the business to help build Staffline groups offering, said: An exciting future lies before Ethos Recruitment. Joining forces with an ethical company that truly cares about its clients and applicants is the main reason we selected Staffline Group. It has the influence of a strong national agency, with the attitude and ethics of a smaller independent - what a great combination. Staffline is really going places and the Ethos team is looking forward to the journey ahead.
Staffline said the acquisition was in line with its business strategy of making selective bolt-on acquisitions to broaden both revenue stream and customer base.
Tim Jackson, FD of Staffline Group Plc said: We were very impressed with the business and felt it would be a great complimentary fit with our business. They have a great customer base that we hope to build on. This continues our strategy of acquiring businesses and we continue to look for further opportunities.
Legal advice was provides by Chris Rees, Nelsons Solicitors for Ethos Recruitment and Browne Jacobson handled the legal advice for Staffline Group.