Bolton-based recruitment agency Euroforce People Solutions has completed a management buyout after securing bank funding in deal worth almost £13m.
Euroforce People Solutions secured a £4.75m funding package from HSBC to successfully complete the MBO, with current Euroforce CEO Simon Hayton to take control of the business.
As a result of the MBO, Euroforce highlighted that it is planning to add new sectors within its portfolio to diversify the supply of highly skilled recruits from overseas which will, in turn support the growth of the UK manufacturing base, as well as undergoing a new rebrand.
Commenting on the MBO, Simon said: “We felt as an organisation that completing the MBO offered us an opportunity to evaluate the existing corporate identity. Euroforce is very well known in the sectors in which we operate, so I didn’t want to lose that brand awareness, however the EU Referendum vote in June meant that it was the right time to push forward with new branding.
“The UK is always going to need to attract skilled overseas workers and I think the result of the vote means that the UK may well look to identify more clearly where these skills originate. We see this as a huge opportunity to open our sourcing model to rest of the world, not just Europe.
“We wanted ‘evolution, not revolution’ when it came to the name change itself, so the idea behind “Workforce” was that we could continue to utilise the key elements of our current brand, whilst freeing the business to attract the best talent, sourced from a global stage. The feedback so far has been extremely positive, with many people saying they actually prefer it, which is really encouraging.”
Euroforce also confirmed the appointment of James Thornton as chief financial officer, who stated: “I am delighted to be joining Euroforce at an exciting time for the business. The management team and Simon have built a market leading business and I am really looking forward to working with them to support its future growth as we work to achieve our targets.”
Founded in 2006, Euroforce specialises in sourcing skilled workers for hard-to-fill assignments for clients including McLaren, Hypnos Beds and Aston Martin.