Mon, 02 Dec 2024 | BUSINESS SALE
Welsh recruitment group Hoop Recruitment has transitioned to employee ownership. That means the company will now be owned by its around 40 members of staff via an employee ownership trust (EOT).
Formed in 2016, the £20 million turnover business has offices in Cardiff and Swansea. It specialises in recruiting for the nursing, social care, social work, education, HR and professional services sectors. It has clients in the private, public and third sectors.
Founders Paul Lewis and Hywel Roberts met when they worked together at another recruitment agency. Both left to pursue other careers but kept in touch and eventually decided to create a recruiter that was customer/client focused, rather than profit focused.
Lewis and Roberts believe that the EOT model is critical for the future success of the business.
“At Hoop we pride ourselves on doing things differently,” Lewis said. “We started the business with a clear mission – to create a recruitment agency that genuinely puts people first, breaking away from the industry’s sometimes challenging reputation. This change has given our team a real stake in the future of Hoop and aligning with our commitment to building a business based on trust, collaboration, and long-term thinking.”
He added that being employee owned means creating a company full of business owners.
“We are now massive advocates for EOTs and using this business model we hope to expand and make Hoop one of the largest independently owned business in Wales and create a business that we are even more proud of, a business that gives back as much as it can to its clients and staff alike,” he said.
There are no plans for either founder to leave the business, with Lewis remaining as the CEO and Roberts as the COO and both will remain on the company board. The new board of directors comprises of Lewis and Roberts, as well as Rhian Smith, Hoop’s Director of Nursing, Sarah Leigh, Head of Social Work, Luisa Gale, Hoop’s HR Manager, and Blair Driscoll, Director of Education at the company.
Acuity provided legal advice to Hoop Recruitment on its EOT transition, with BPU advising on its valuation. The business was also supported by Social Business Wales.
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