Primestaff completes MBO
Primestaff has been acquired in a management buyout after experiencing its biggest year ever.
Primestaff chief executive, Danny McIntyre, now believes he has the team in place to reach turnover well in excess of £20m by 2020.
As part of a company restructure, finance director Antonio Vezza and construction director Michael Docherty will join operations director Carol Conlin, industrial director Sean McPolin and chief executive Danny McIntyre on the board.
“The MBO puts the company in a great position. They are the right team to take the business forward," said McIntyre, who started the Glasgow-based company in 1993. “Their expertise is across a number of sectors and makes the business more flexible.
“The success of Primestaff is all down to identifying the right people with the same work ethic and ideals, whether it’s on the board, the people who work for us or those we find for our many clients.”
The deal was put together by Vezza and McIntyre, and comes after a very successful 2015/16 in which the company’s turnover exceeded £11m and profit surpassed £2m.
The MBO coincides with a move to new offices in Glasgow’s Blythswood Square. The business currently has 30 staff based in the city office and the move provides further capacity for this number to increase.
Primestaff’s offices are currently in Glasgow, Paisley and Edinburgh, with expansion in Dundee and the Scottish borders expected within 12 months.
Originally the business focussed on the supply of construction trades and labour, but now operates in commercial, industrial and technical sectors. Its subsidiary Black and Black operates in the social care and housing sectors.