Multi-million pound MBO for Bolton recruitment firm Workforce People Solutions

Recruitment firm Workforce People Solutions has undergone a management buyout (MBO) with a seven-figure funding package from HSBC.

The Bolton-based company, formerly trading as Euroforce People Solutions, used the £4.75m to complete the deal.

Established in 2006, Workforce focuses on sourcing skilled workers for hard-to-fill roles with clients such as automakers McLaren and Aston Martin.

Current Workforce CEO Simon Hayton will take control of the firm following the MBO.

He said: “We are delighted to have completed the process with support from our long-standing partner, HSBC.

“We work with sectors, such as furniture, textiles and automotive, which often have deep skill shortages, and to bridge the talent gap for our clients we have developed a very effective way of attracting the right calibre of candidates from all over Europe.”

Simon continued: “We are now planning to add new sectors to our portfolio to diversify the supply of highly-skilled recruits from overseas which will, in turn, support the growth of the UK manufacturing base.”

In his new role at the helm, Simon will be joined by chief financial officer James Thornton, who was recently hired after a career as CFO with a number of high-profile companies in the North West.

James commented: “I am delighted to be joining Workforce at an exciting time for the business.

“The management team and Simon have built a market leading business and I am really looking forward to working with them to support its future growth as we work to achieve our targets.”

HSBC’s Sarfaraz Akram, relationship director for mid-market enterprise in Greater Manchester, said of the deal: “Workforce has continued to grow despite a challenging economic environment throughout the past seven years.

“This funding will help strengthen our relationship and we look forward to assisting them to realise their ambitious growth plans.”

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