Manchester city centre-based firm V7 Recruitment plan to increase European growth, with a view to break into the American market following the completion of a management buyout.
The firm, founded by Steve Whiston and Keith Jones in 2017, is currently targeting further growth in Europe with a focus on their office in Germany, and a further strategy to break into the American market following the completion of the management buyout.
The buyout was supported by Cheshire based accountants Afford Bond, as well as experts in recruitment finance and existing financial provider Zodeq.
Their 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”
Advising Steve and the management team on the MBO was Manchester based Ward Hadaway, and legal advice to Keith Jones was advised by JMW.
In the last 5 years, the directors and management team (consisting of Whiston and Jones, as well as recruitment experts Alex Waterhouse and Claire Hodgson, and Operations Director Natalie Wood, who joined in 2018) have established V7 as one of the leading recruitment experts in the North West, specialising in the niche markets of Aviation, Construction, Utilities, Fire & Security, Data Centres and Pharmaceuticals.
With a current workforce of 22, it continues to grow rapidly. The business’s strong presence across the UK and Europe predicts that, in its 2023 financial year, it is forecast to deliver £14m in revenue, and £20m in 2024. Moreover, because of the management buyout, Steve and the team have acquired an additional 33.5% shareholding, which has allowed Keith to exit the business.
Steve Whiston of V7 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.”