Insider's March Deal of the Month
The rise and rise of Nottingham-based recruitment agency Staffline continued this month when it made its fourth acquisition in less than 12 months. This time around, it has bought Daventry-based Ethos Recruitment.
“Staffline is fast becoming one of Nottingham’s most dynamic companies,” said Sam Metcalf, assistant editor of Midlands Business Insider. “The rate at which it is snapping up rivals is impressive – especially against the backdrop of continued economic struggle and a depressed jobs market.”
Ethos Recruitment supplies temporary and permanent staff in Daventry, Rugby and Northampton.
Staffline said the acquisition was in line with its business strategy of making “selective bolt-on acquisitions to broaden both revenue stream and customer base”.
The company has made three previous acquisitions, most recently of Kelburn Industrial, which was completed in January this year. Peter Rowley and House of Logistics were also bought by the company in 2010.
Andy Hogarth, Staffline's chairman and chief executive, said: “We are delighted with the announcement and look forward to building on Ethos' strong regional presence.”
The sum of the acquisition was not disclosed.
Staffline’s drive for expansion started in 2009 when it was approached by more than 30 companies and advisers asking whether it would be interested in doing deals.
“Staffline’s strategy has been shaped by the effects of the recession,” added Metcalf.
“It has consistently searched for bolt-on acquisition opportunities as well as striving for organic growth. It’s a tricky balancing act that lesser companies sometimes can’t pull off, but Staffline appears to be unstoppable at present.”
