AN accountancy firm in Newcastle has completed the sale of a recruitment firm in Portsmouth.
Carl Swansbury, Ryecroft Glenton’s director of corporate finance, has completed the successful sale of 10-year-old Wild Recruitment to nationwide staffing business Berry Recruitment Ltd.
He said: “On approaching Berry it was immediately apparent that the strategic and cultural fit of the two businesses was ideal.
“Owner Kim Way, minority shareholder Michelle Stewart and the experienced senior management team had grown Wild significantly and profitably over recent years.
“They felt, however, that the future growth of the business would best be achieved under the ownership of a larger, national staffing business.
“Wild has a strong regional presence in the Portsmouth area and a fantastic industry reputation.
“They have a range of high-quality public and private clients, and supply permanent and temporary staffing solutions into a number of industry sectors.”
St Albans-based Berry, which has 23 sites and specialist divisions in office, IT, industrial, construction, catering and rail, bought the £6m turnover business to step up its plans to grow sales from £30m to £50m.
Chairman Tony Berry, who floated Blue Arrow Recruitment, believes that the Wild acquisition was more of an amalgamation, which was a great fit culturally and geographically.
He said: “Wild is a specialist in the contact centres sector, which is a sector that Berry is keen to supply, and we were impressed by Wild’s management team. We see this deal as significantly enhancing our existing business and our service to clients.
“Wild was identified as an attractive business and is one of the best-run firms I have come across. It is a wonderful fit for Berry.”
Wild Recruitment was advised by Carl Swansbury of Ryecroft Glenton Corporate Finance and Andy Breeze of RSM Tenon. Clare Sheerin of law firm Warner Goodman advised the Wild shareholders. Jean-Paul Da Costa of Sherrards Solicitors acted on behalf of Berry Recruitment.
Ryecroft Glenton’s Carl Swansbury added: “This is the third transaction Ryecroft Glenton has completed in as many weeks.
“It proves that there are deals to be done in the marketplace, which provides some optimism as we enter 2012.”
The firm has offices in Newcastle, Northumberland and North Tyneside with 16 partners specialising in tax, corporate finance, business services, audit and assurance.
Carl Swansbury was appointed director of the corporate finance division in 2010, working alongside corporate finance partner Grahame Maughan, tax planning partner Tim Mallon and Peter Glenton, a non-practising corporate lawyer and chartered accountant.