Nottingham agency secures £2m funding for MBO
Foresight Group (“Foresight”) has invested £2m into Nottingham-based QS Recruitment, from the Foresight Nottingham Fund, to support a management buyout.
QS Recruitment sales director and managing director designate, Peter Gillespie, has led the deal and become a shareholder in the business, alongside Brian Smith and Kevin Gray.
Established for over 20 years, QS Recruitment started as a specialist supplier of HGV drivers. It has expanded its offering to provide services to clients and job seekers across six divisions: driving, industrial, engineering, catering, office and care. The company has offices in Nottingham, Burton, Lincoln, Derby and Worksop. It has grown sales to an excess of £8m.
The management buyout has been led by Peter Gillespie and Brian Smith, who have helped expanded its geographical footprint across the East Midlands in recent years. The team have plans to expand the business into new geographical locations across the Midlands and strengthen its healthcare offering. The incumbent management are joined by new chairman Alan Dickinson, formerly managing director of Michael Page UK, and Tony Daly as finance director.
Funding to assist the completion of the management buyout was structured by Royal Bank of Scotland, with a term loan and invoice discounting facility.
Gillespie said, “Our commitment at QS Recruitment is to provide quality services to our clients and I am delighted to complete the MBO and work alongside the team at Foresight. At QS Recruitment we are predominantly known for our experience in the logistics sector but have been gradually expanding into other areas. Our aim is to continue to grow our other industry sectors such as our care home division and expand geographically, opening additional branches in the East Midlands and Yorkshire”.
Sebastian Saywood of Foresight also joins the board and commented, “QS differentiates itself by providing a customer centric service centred on short lead times, 24-7 response and a significant database of experienced candidates in supply constrained markets. I’m looking forward to working with Peter and his colleagues in a strong and ambitious management team as they continue to grow the business.”
Advisors on the deal included Austin Moore Law, Mazars, Fraser Brown, Flint Bishop, Actons, Eastwood Anglo Corporate Finance, Smith Cooper and Neovian Partners.