Thu, 03 Nov 2016 | MBO/MBI
A Bolton-based recruitment specialist with a turnover of more than £10 million a year has undergone a management buyout (MBO).
Euroforce People Solutions, which specialises in supplying workers to the furniture, textiles and automotive sectors, has been bought out by managing director Simon Hayton. The firm works with a number of well-known brands and in 2015 was recognised in the top 20 of the ‘Recruiter Hot 100 List’.
Patrick McBride, who founded Euroforce in 2006, exits the business alongside two other directors, Liam McBride and Brian Assen. The MBO was completed on 21 October 2016.
Simon Hayton said: “I was delighted to have the opportunity to complete this MBO of the business - I very much look forward to continuing to build on the recent historical success of the business.”
Patrick McBride said: “We wish Simon the very best of luck and hope that the success we’ve enjoyed together continues as he implements his plans to grow the business further. I have every confidence that he’ll continue to do well.”
Paul Stringer, corporate finance partner at Cowgill Holloway LLP, which advised on the MBO, said: “We were delighted to have been able to assist the shareholders in achieving their exit.
“Having met Patrick and Euroforce People Solutions around three years ago, it was clear to see it was a good quality business with a strong team. We are confident that Simon will continue to lead the business to greater success in the future.”
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