gap personnel announces acquisition intentions
gap personnel has announced its intention to further grow the business through acquisition.
The Wrexham-based company, which has 44 locations across the country employing 260, has a turnover of c£130m. It owns and operates a range of companies, which provide temporary and permanent staff and training across the commercial, logistics, FMCG, manufacturing, waste management and recycling sectors. The group covers more than two million shifts for in excess of 1,500 companies each year.
To support its acquisition strategy, gap personnel has engaged Newcastle-based Ryecroft Glenton Corporate Finance to assist with the group’s next phase of growth.
gap personnel most recently completed the acquisition of Chesham-based Driving Forces Recruitment Ltd, which has increased its geographic coverage and cohort of experienced drivers. This is the second acquisition the company has made following the purchase of Bristol Driver Solutions in 2013.
As a result, Wrexham-based Driving Force operates seven hubs across the UK covering the North West, South West, South East and Midlands. It has around 300 drivers out on assignment at any one time and serves clients in the warehousing and distribution sector.
Driving Force is run by a management team of four directors and has a workforce of twenty permanent staff. It is on track to achieve turnover of £8m and profits of £750,000 in its current financial year, and is forecasting turnover of £10m, with profits of £1m next year.
Gary Dewhurst, CEO and founder of gap personnel, said, “We have built a strong position in the market, which we aim to secure through continued organic growth and through acquisition. The development of companies within the group, such as Driving Force, continues to bolster our operations across the UK and working with Ryecroft Glenton Corporate Finance demonstrates our commitment to achieving positive future expansion.”
Carl Swansbury, partner at Ryecroft Glenton Corporate Finance, commented, “We are delighted to be working with the dynamic and forward-thinking team at gap personnel and applying our expertise and sector experience to the group’s development. The business has enjoyed strong organic growth and as a result of a number of acquisitions, which has provided a solid platform to implement its new strategy.”
Picture: Rob Eyes, director of Driving Force, a gap personnel business that is supporting the group’s expansion and growth