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Wednesday, April 17, 2024
BusinessV7 founder completes management buyout to drive further international growth in Europe

V7 founder completes management buyout to drive further international growth in Europe

V7 Recruitment was founded in 2017 by Steve Whiston with investment from Keith Jones

Specialist recruitment firm, V7 Recruitment is targeting further growth in Europe with a focus on Germany, and a further strategy to break into the American market following the completion of a management buyout.

V7 was founded in 2017 by entrepreneurs and business partners Steve Whiston and 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.

The Manchester city centre based business, which also has an office in Germany, specialises in the niche recruitment markets of Aviation, Construction, Utilities, Fire & Security, Data Centres and Pharmaceuticals.

The 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.

As a result of the management buyout, Steve and the existing management team have acquired an additional 33.5% shareholding, enabling Keith to exit the business. Following the buyout, Steve and the management team have plans to scale their operations in the UK and internationally by cementing their European offering via their German office and expanding into America by 2027.

The buyout was supported by experts in recruitment finance and existing financial provider Zodeq, along with Cheshire based accountants, Afford Bond. Advising Steve and the management team on the MBO was Manchester based Ward Hadaway. Legal advice to Keith Jones was advised by JMW.

“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” said Paul Cooney Managing Director of Zodeq.

Steve Whiston 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.

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