Tue, 11 May 2010 | BUSINESS SALE
Blue Hackle Group, a company that provides security staff in the most dangerous places in the world, is understood to be up for sale for around £40 million.
The risk management consultancy firm posts staff in Iraq, Afghanistan and Somalia, employing experts from the military, intelligence services, government and police to provide advice on kidnapping, crisis situations and corporate fraud.
Sources say the company has retained investment bank Altium Capital to be the advisors for the sale.
Its latest accounts, to the year ending 30 September, 2009, show that it had a turnover of £33 million, of which profit was £2.1 million. This compared with £28.7 million in the previous year.
Blue Hackle was set up in 2004 by brothers, Michael and Charles Raper, and named after a distinctive feather in Army caps.
It employs more than 2,000 staff, with 1,000 of these posted in east Africa.
In notes with its accounts, the directors said, "Iraq continues to be the major source of revenue, but we see this declining slightly through 2009/10 with dominance of revenue shifting towards Afghanistan reconstruction."
Charles died in a golfing accident in Portugal in 2005 and the company is now run by Michael with Charles's widow, Kirsty.
Members of the advisory board include former Government Minister Sir Jeremy Hanley and former diplomat Sir Kieran Prendergast.
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