1st Jul 2005 07:00
InterQuest Group PLC01 July 2005 InterQuest acquires two IT recruitment firms InterQuest Group Plc, the IT recruitment specialist, today announces theacquisition of FJB (Contracts) Limited and Maxridge Limited for a totalconsideration of up to £1.2m. The Board believes the acquisitions of the two companies will enlargeInterQuest's contract and permanent recruitment services and will help the Groupfulfil its stated strategy of growing organically and by acquisition. FJB, based in Wickford, Essex, is primarily focused on IT contract recruitmentand serves the financial and public sectors. It generated turnover of £5.2m inthe year ended 31 January 2005 and a normalised profit before tax of £87k. Maxridge, also based in Essex, is predominantly a permanent recruitment businessand focuses on the financial sector. It had turnover of £630k in the year ended28 February 2005 and a normalised profit before tax of £73k. Fred Banfield and Paul Cressey will join and strengthen the Group's operationalmanagement team. InterQuest will pay £400,000 in cash on completion and up to a further £800,000deferred for one year and contingent upon the first year's earnings. Thedeferred consideration is payable 83% in cash and 17% in shares. Gary Ashworth said: "We are extremely happy to make our first acquisitionsfollowing our listing in May. Maxridge and FJB fit our criteria of being wellrun niche businesses and we look forward to growing them within the InterQuestgroup." For further information please contact: Gary Ashworth InterQuest Group Tel: 020 7025 0100Ross EadesMichael Joyce Nick Fox M: Communications Tel: 020 7153 1530Gemma Knowles Notes to Editors: InterQuest Group is a recruitment business specialising in the provision of ITcontractors, permanent staff and executive search and selection. InterQuestlisted on AIM in May 2005. The Group has grown principally by acquisition having bought six businesseswhich together provide IT staffing services to a range of blue chip clients. TheAIM listing will facilitate the Group's acquisition-led growth strategy. Gary Ashworth, Chairman, founded the Group in October 2001 with the aim ofdeveloping a group of multi-branded IT staffing businesses, each focused on aspecific niche area of the UK IT staffing market. In August 2003 Ross Eadesjoined as Chief Executive forming an experienced management team, with a provenability to integrate acquisitions, to run larger businesses and a track recordof creating shareholder value in the sector. InterQuest is managed as a group of independently branded divisions, each with adifferent market or candidate skill set focus. Each division operates on aday-to-day basis with a large degree of autonomy whilst benefiting from the keycentral services of the group such as accounting, legal and IT support, as wellas Group wide sales and management training programmes. The Group currently consists of five operating divisions: Genesis: Focused on financial institutions in the City of London. Its clientbase includes Fidelity Investment, Nomura International plc, Credit Suisse FirstBoston, Hudson Global Resources Limited and JPMorgan. Insight: Focused on specific technical niches rather than a particular industrygroup. This is reflected by its client base which is made up of businesses in avariety of sectors, including Pfizer, Dixons, Citibank and Swiss Re Health &Life Limited. InterQuest (UK): Focused on the retail sector, in particular fast movingconsumer goods businesses. Its clients include John Lewis plc, Screwfix Direct,Helphire Group plc and Vivista Limited. The Group took on the InterQuest name in2002 SBS: Focused on the public sector, in particular, central and local governmentoffices. Its clients include the Office of the Deputy Prime Minister and theLondon Borough of Camden. ITmail: An online candidate database search service used by all of InterQuest'sdivisions. This database consists of approximately 235,000 CV's and is anadditional support tool for all the Group's recruitment consultants. The group now employs 57 people and turnover for the year ended 31 December was£24.4 million with EBITA of £1.4m and profit before tax of £927,000. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
InterQuest Group