Formed in 2002, GoNew Recruitment, a £7m turnover blue collar recruitment business with eight branches across the South West, specialising in the provision of a range of recruitment services to the industrial, logistics and driving sectors.
The three Shareholders were at a crossroads with the business and all three had different aspirations for the future.
Our brief was to sell 100% of the share capital of their holding company and to introduce a range of buyers. Our client was flexible in how a deal could be put together and we entertained a variety of options whilst maintaining the opportunity to capitalise on years of hard work.
Upon instruction, we completed a full information memorandum and executive summary for the opportunity, including financial history, forecasts, cash flows and valuation projections.
We drafted a research brief and a target list of potential purchasers was explored and drawn up. The marketing process was complimented by appropriate trade advertising both in print and online, together with exposure to our existing trade and investment contacts.
Of the 229 potential purchaser targets we approached directly, alongside those who expressed an interest, having seen our marketing, we received 30 non-disclosure agreements. Three potential suitors were then chosen and invited to meet with the shareholders.
This resulted in two offers being received. One from a FTSE AIM listed public limited company (PLC) and the other from a £90m+ turnover acquisitive trade group.
Following a thorough and successful process we introduced listed HR group Staffline plc. A deal and structure acceptable to all parties was soon soon negotiated and completed.
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