MBO completed at South Wales-based recruitment firm
Wed, 21 Aug 2024 | MBO/MBI
A leading recruitment agency serving a range of sectors across South Wales and the West of England has successfully completed a management buyout (MBO). The deal, facilitated by a six-figure Development Bank of Wales loan, will see David Matthews and Paul Fletcher take over Nu-Staff.
Nu-Staff, which was founded in 1993 by the late John Scriven, has offices in Chepstow and Cwmbran. The company has developed a strong reputation in sectors including manufacturing, automotive, engineering, aerospace and commercial, and has a diverse client base.
Paul Fletcher joined Nu-Staff in 2001, while David Matthews joined as Operations Director in 2021 and the pair will now lead the company, alongside co-director Michelle Mallett. The MBO is described as a strategic move that marks a significant milestone in the company’s journey, with the new management team set to lead an ambitious growth strategy.
The company is seeking to build on its established presence in South Wales and the West of England, targeting expansion into new areas and planning to hire additional team members to support its growth.
Nu-Staff Director David Matthews commented: “John Scriven was a highly respected and well-liked professional who dedicated 30 years to building Nu-Staff into a trusted recruitment agency. His commitment to matching the right individuals with the right employers was driven by a focus on consistent and quality service.”
“For John it was all about reputation and that remains our core value as we begin the next chapter of the business. We are honoured to continue his legacy, ensuring that we remain responsive to the ever-changing needs of our clients and the market.”
The incoming management team were supported by GS Verde Group during the transaction. Mike Fenwick, Director and Head of Corporate Finance at GS Verde Group, emphasised the importance of ensuring continuity at the company.
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