KBS Corporate Oversees Sale of Corinium Employment Limited
£39 million turnover Templine Employment Agency Limited have completed the acquisition of Swindon based Corinium Employment Limited, trading as Witton Recruitment, for an undisclosed sum.
£39 million turnover Templine Employment Agency Limited have completed the acquisition of Swindon based Corinium Employment Limited for an undisclosed sum.
Corinium Employment, trading as Witton Recruitment, operates out of offices in Cirencester and Swindon and specialises in the supply of permanent and temporary staff to a wide variety of market sectors.
The business was placed on the market in April 2014 due to the outgoing shareholders wishes to retire.
70 potential buyers were identified for Corinium Employment, generating 3 interest parties, with KBS Corporate negotiating a 50% uplift on the first bid received.
Templine is a specialist supplier of blue-collar labour covering a wide range of industries across the Midlands, the South East, the South West and Yorkshire.
Chairman Stewart Rogers commented, “The deal is a strategic acquisition for us. It gives us a great opportunity to expand not only into a new geographical area but also to more fully exploit the commercial and permanent appointment market.”
Witton will be remaining at their current offices with the outgoing shareholders exiting almost immediately.
Guy Haynes of KBS Corporate advised the vendor on the transaction, while legal advice was provided by Khurshid Valli and Hannah Fletcher of Gateley LLP.
Guy Haynes stated, “It is clear that there is a strong synergy between the two companies and a number of common values between the respective shareholders. The transaction was conducted cleanly and efficiently by both parties, enabling a swift conclusion.
“Outgoing shareholders John and Jessie have developed and left behind a fine business, which I am sure will become a very productive and valuable member of the Templine group.”