Steve Whiston of V7 Recruitment says their recent management buyout, the next step in allowing them to expand into America, could not have been achieved without the help of existing financial provider Zodeq, along with Cheshire based accountants, Afford Bond.
He said “having moved into our new 4,000Sqft NQ home in early part of the year, we have a very clear strategy on how to double our business over the next 24 months. Our MBO and the additional funding that we have secured will help V7 go to the next level in 2023. We are extremely thankful to Tom Hornbuckle at Afford Bond, Gareth Smith and Paul Cooney from Zodeq and Emma Digby from Ward Hadaway for their invaluable assistance throughout the process. Our growth plans are ambitious, but we are confident with our established team and support network of its execution.”
Advising Steve and the management team on the MBO was Manchester based Ward Hadaway, and legal advisor to former investor Keith Jones was JMW.
Zodeq’s Managing Director, Paul Cooney, said “Zodeq were delighted to work with V7 on this transaction that will allow the business to continue its growth strategy. We have a strong relationship between our two businesses that we hope will continue for some time to come”
As a result of this management buyout, Steve and the existing management team have acquired an additional 33.5% shareholding, which enabled Keith to exit the business.
Next, Steve and the management team have plans to target further growth in Europe. V7 recruitment is currently based in Manchester city centre, with an office in Germany. They plan to scale their operations in the UK and internationally, cementing their European offering via their German office and expanding into America by 2027.
Whiston founded V7 Recruitment was in 2017, with investment from Keith Jones. Joining the founding shareholders were recruitment experts Alex Waterhouse and Claire Hodgson, with Operations Director Natalie Wood joining a year later in 2018. They specialise in in the niche recruitment markets of Aviation, Construction, Utilities, Fire & Security, Data Centres and Pharmaceuticals.
Over the last 5 years directors and management team have established the company as one of the leading recruitment experts in the North West. Having built a workforce of 22, it continues to grow rapidly with a strong presence across the UK and in Europe and is forecast to deliver £14m in revenue in its 2023 financial year and £20m for 2024, and further growth is predicted beyond this as the company continues to target European success and expand into America.
