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Genesis Associates Secured by Patrick Bell in MBO

Genesis Associates Secured by Patrick Bell in MBO

Expert advice on deal provided by accountants and business advisors Beever and Struthers and boutique business law firm Turner Parkinson LLP

Patrick Bell has taken sole ownership of Cheshire-based global recruitment firm Genesis Associates (UK) Ltd following a management buyout (MBO).

Patrick, who was managing director of the firm, has become sole owner after acquiring the entire shareholdings of fellow owners Darren Cornwall and Ian Blackhurst for an undisclosed sum.

Genesis Associates, based at The Paddock, Handforth, Cheshire and founded in late 2007, employs approximately 30 staff to provide interim, contract and permanent sales and engineering staff for privately-owned and blue chip business clients worldwide.

Patrick plans to increase staff numbers at Genesis Associates by 50 per cent to a total of 45 because the firm is relocating to larger offices in 2013 and to service proposed growth in its UK and international engineering recruitment division.

He said: “I’m delighted to have completed the MBO and this marks another exciting chapter in Genesis’s future history.

“Although the deal itself was relatively straightforward, the investors and I felt it was the right time for the business to make this change.

“It is very much a case of business as usual for our clients, candidates and colleagues, but plans for the New Year include an expansion into larger offices, growth of our UK sales and international engineering operations and a 50 per cent headcount increase over the next 12 months.”

Iain Round and Paul Shaw, partners of Manchester-based accountants and business advisors Beever and Struthers, were appointed as deal advisors on the MBO and advised Patrick on the appointment of James Sheridan and Robin Hastings at Manchester boutique business law firm Turner Parkinson to provide strategic legal advice.

Iain, a corporate finance partner at Beever and Struthers, said: “We are genuinely pleased to have played a pivotal role in helping Patrick to successfully complete his MBO and look forward to helping him and his colleagues to achieve their corporate goals for Genesis.”

James, head of corporate and partner at Turner Parkinson, said: “Patrick has grown Genesis from a standing start five years ago, through some pretty tough times. It is great that he has been able to take 100 per cent of the business and I’m sure he will drive it forward with great success. I look forward to helping him do that.”

“My thanks to both Beever and Struthers and Turner and Parkinson for helping to bring this deal to a successful close so quickly,” added Patrick.

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