1st Mar 2006 07:04
InterQuest Group PLC01 March 2006 1st March 2006 InterQuest acquires specialist IT recruitment business InterQuest Group Plc, the IT recruitment specialist, today announces theacquisition of PeopleCo Worldwide Limited for a total consideration of £5.4m andthe appointment of Martyn Barrow, M.D of PeopleCo, to the Group's operationalmanagement board. The Board believes that the acquisition, the Group's largest to date, willsignificantly enhance InterQuest's niche presence in specialist IT contract andpermanent recruitment services. As the Group's first acquisition in the North of England, PeopleCo, based inHarrogate, North Yorkshire will extend InterQuest's geographical reach and willprovide PeopleCo's clients and candidates with a London office. The business operates three divisions, which are focussed on ERP, softwaredevelopment and software testing. In the year to 31 December 2005, PeopleCo generated turnover of £11.1m andaudited profit before tax of £1m. Net assets were £1m at 31 December 2005. Total consideration comprises £4.4m in cash and £1m in new InterQuest Group plcshares issued at 50 pence to Martyn Barrow, Emma Gray and Christine Moody. Application has been made to the London Stock Exchange for 2.1m new ordinaryshares in InterQuest Group Plc to be admitted to trading on AIM by 7th March2006. The consideration shares will, upon issue rank pari passu with theCompany's existing issued ordinary shares and are subject to a lock inrestriction which expires on 1st March 2007, and an orderly market provision for12 months thereafter. Gary Ashworth said: "We are delighted to welcome this high quality, well run,niche business to the InterQuest Group. We believe that this acquisitionrepresents a major step towards InterQuest becoming a leading supplier of ITservices in the UK." For further information please contact: InterQuest Group Tel: 020 7025 0100Gary Ashworth Ross EadesMichael Joyce M: Communications Tel: 020 7153 1530Nick Fox Gemma 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, andcurrently employs 93 people. 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 and an online database: Genesis: Focused on financial institutions in the City of London. Its clientbase includes Fidelity Investment, Nomura International plc, Credit Suisse FirstBoston, and Hudson Global Resources Limited. Insight: Focused on IT infrastructure and voice and data communications ratherthan a particular industry group. This is reflected by its client base which ismade up of businesses in a variety 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 Play.com. The Group took on the InterQuest name in 2002. SBS: Focused on the public sector, in particular, central and local governmentoffices. Its clients include the Office of the Deputy Prime Minister, FSA, andthe London Borough of Camden. FJB: Focused on the public sector, in particular the NHS and City basedfinancial institutions. ITmail: An online candidate database search service used by all of InterQuest'sdivisions. This database consists of approximately 300,000 CV's and is anadditional support tool for all the Group's recruitment consultants. The group's turnover for the six months ended 30 June 2005 was £12.5 millionwith profit before tax of £576,009. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
InterQuest Group