New owner for Peterborough recruitment agency after takeover deal
An Â£80 millon-a-year turnover recruitment company that began life in Peterborough is today under new ownership after a multi-million pound takeover deal.
Vital Recruitment, which has its head office in Endeavour House, in Saville Road, has just been acquired by the £882 million a year turnover Staffline Group, of Nottingham.
It was created in 2004 by managing director Bill Singh and operated from a single office in Peterborough.
The business quickly grew from a £5 million turnover to its current £83 million turnover and has 5,300 temporary staff and 112 office staff operating in 10 sites in the UK. The acquisition notice to the London Stock Exchange says the business made a £500,000 profit last year.
Its customers included fresh produce, food manufacturing and processing, warehousing and logistics companies.
No one was available to comment from Vital Recruitment.
Advice on the acquisition came from accountants Haines Watts Peterborough led by Mohammad Yousaf and Faryad Yousaf, who have supported Vital for 15 years.
Mohammad Yousaf said: “It’s been exciting working on this deal for the last two months. We’re pleased to have been able to assist in its completion in a timely manner and I’m delighted for Bill Singh and congratulate him on completing the sale.”
Chris Pullen, chief executive of Staffline, said: “We are thrilled to announce this strategic acquisition of Vital.
“It will bring an extensive network of connections and resources in the East of England.
“It will further strengthen our food division and help us to increase our market share in agriculture.
“The acquisition supports Staffline Recruitment’s vision “to be the trusted market leader, providing a single destination for Blue Collar workers and employers to connect across the UK”.
“With a number of large blue-chip clients, Vital will help further extend the Staffline network.”