Posted on 19 April 2016
The two managing directors of Linsco, the Nottingham-based recruitment company with offices across the UK, have completed an MBO of the expanding business.
Linsco, which last year was unveiled as the fastest growing recruitment company in the East Midlands Top 200* also operates out of Nottingham, London, Birmingham, Warrington, Glasgow, Coventry, and soon to be opened Leeds and Edinburgh. It recorded a turnover of £23m to 2015, up 10% on 2014.
Last summer the company announced ambitious plans to double the number of staff at its Glasgow office and was expanding its North West presence in Warrington. Now, managing directors Matt McGregor and Chris Lee, have bought out their chairman, Jeff Elliott, as the business ramps up for further growth in the coming years.
Matt McGregor, managing director at Linsco, said:
“This is a very significant moment for the business. Chris and I bought into Linsco back in 2002 and we have worked tirelessly to get the business into the healthy position we are in now. We’ve seen huge changes in economies and legislation, ridden up turns and recessions but throughout that we have always had a commitment to maintaining the highest possible standards of service.
"On the back of that, our growth has been entirely organic. In recent times we have really started to grow significantly, opening offices across the length and breadth of the country, especially where our key sectors are thriving, for example in the north west with civil engineering and construction, and into Scotland. Of course, the real catalyst has been sheer hard work by the whole team and to have the courage of our convictions to invest in a recovering jobs market.”
Linsco offers recruitment solutions within New Build Construction & Refurbishment, Civil Engineering, Utilities & Facilities Management, Property & Social Housing, Shopfitting and Secretarial & Administration
Chris Lee, co-managing director said:
“We’d like to thank Jeff for the opportunity and commitment in asking us to build the business all those years ago. Over a quarter of a century, we have all seen many changes here at Linsco and of course in the wider economy and Jeff has always encouraged our vision and passion to build the Linsco brand. The MBO is the start of a new chapter for the business and we would like to thank Jeff and all of our professional advisers for their hard work in making this deal as smooth as possible.”
The deal was supported by a raft of local professional services expertise with Smith Cooper and Shakespeares advising Linsco on the deal.
Smith Cooper’s James Bagley, managing partner of the Nottingham Office, commented;
“Having worked with Linsco for a number of years, we are proud to have guided them towards achieving their growth ambitions, through this MBO.”
He went on to say, “ We are looking forward to strengthening our relationship with Linsco as they move into a new chapter with their business. There is no doubt that their dynamic growth ambitions match those of the current recruitment market and we wish them well with their future plans!”
Jeff Elliott added: "The company has come a significant way in its growth since 1978, experiencing unprecedented highs and lows along that road.
"Since both Matt and Chris joined me all those years ago, I have seen their drive and determination to expand the Linsco brand and can only thank them in taking the company forward to nationwide success as they have done so professionally over the past 15 years.
"It leaves me with immense pride in the brand and wish them all the very best in their future."
*A comprehensive report of the 200 fastest growing companies in the region compiled by the CBI and business advisors Grant Thornton. Overall, Linsco came in 84th place - way ahead of its recruitment sector rivals.The East Midlands Top 200 report ranked companies which are managed and run from the East Midlands, covering Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, and Nottinghamshire.
Companies were ranked on the basis of their profit growth over the last three years.