Monday, October 6, 2014

News: MBO at Elevation Recruitment

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HSBC has backed two directors in a buyout at Elevation Recruitment, the growing specialist recruitment firm established by Rotherham's Horbury Group.

The six figure deal sees the business acquired by a newly formed parent company Elevation Consultancy Group, headed up by group managing director and Elevation founder Greg Parkinson and supported by fellow board director, Lee Bhandal.

Formerly part of the Horbury Group and delivering recruitment support to businesses across Yorkshire, Elevation grew despite being founded during the recession. It now has an annual turnover of c£4m, and employs more than 45 consultants recruiting across eight specialist divisions. Founded in 2010, Elevation doubled its office space at South Grove House in Rotherham in 2012 to cater for its rapidly expanding team. A new state of the art office at No1 Leeds in Leeds city centre opened in 2013.

Rotherham construction specialist, The Horbury Group combines a number of subsidiaries that specialise in areas including joinery, ceilings, dry lining and health and safety training. Formed in Sheffield in 1993 as Horbury Building Systems, it has gone from strength-to-strength over recent years, increasing its turnover from £1.4m in its first year to over £50m today.

The MBO of Elevation was backed by HSBC and follows on from Horbury securing a £6m funding package from the bank in June to support growth and help the company bid for larger contracts.

As part of the newly formed board of directors, Phil Hill has been appointed as non-executive director and will join Greg Parkinson and Lee Bhandal on the group board. The new company has also launched a new business venture called Parkinson Lee Executive Search to work with top firms to identify and retain the emerging business leaders of the future.

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Greg Parkinson, group managing director at Elevation Consultancy Group (pictured, right), said the move marked the start of an exciting period of growth for the business: "Lee and I are proud to say that the business has grown rapidly since it was established in 2010, and it is right that we now look to further expand the breadth and depth of services that we offer our current and future client base.

"HSBC have not only supported Elevation in the completion of the MBO but has also shown real intent and belief in our business and the services we provide by providing an excellent platform for future investment if/when we require it. HSBC have also backed our plans to launch a new business venture, Parkinson Lee Executive Search, that Lee and I feel will offer the Yorkshire business community a new and fresh approach to executive search appointments."

Chris Alsop, senior commercial manager at HSBC, added: "We were pleased to back this deal given the management team's experience, expertise and desire to grow the business. There are some exciting times ahead for Greg and his team and HSBC is keen to support the company's growth."

Legal support for management was provided by Andrew Francey from Watson Burton LLP with John Baddeley of Wake Smith LLP acting for HSBC; Financial Due Diligence for HSBC and management was provided by Kevin Davies at BHP Corporate Finance.

Elevation Recruitment website

Images: Elevation Recruitment

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