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Stuart Gentle Publisher at Onrec

AndersElite announces management buyout

Recruitment firm AndersElite has secured a £10million facility from Lloyds Bank Commercial Banking to complete a management buyout and provide on-going working capital.

AndersElite, established in 1986, operates eight offices across the UK. The company works with property, engineering and IT professionals working in industries such as manufacturing, construction and rail, and offers temporary, contract and full-time roles.

The working capital facility has allowed the former owner CDI Corp, a multinational recruitment company headquartered in Philadelphia, to exit the business. 

The management buyout has given AndersElite the opportunity to invest in the growth of the business and review its equity structure and, since the transaction, thirty per cent of its staff hold shares in the business.

The company has also announced the next phase of its growth plan, which includes the creation of 10 new jobs in its London office.

AndersElite is headquartered in Southampton and has an annual turnover of £80million. The company employs 150 members of staff across its offices in Southampton, London, Bristol, Birmingham, Manchester, Leeds, Newcastle and Glasgow, and has now switched it day-to-day banking to Lloyds Bank.

Steve Smith, finance director at AndersElite, said: “Our business has seen consistent growth over the past 30 years. We want to make sure we’re taking advantage of the opportunities that we’re seeing in the market at the moment. It’s a good time to restructure the business and strive for further growth. 

“The funding from Lloyds Bank has played a key role in allowing us to enter a new chapter of the business. In the next five years, we hope to drive sustained growth and increase our headcount to 400 people. We’re looking forward to working with the Lloyds Bank team as we move towards this goal.”

James Ambrose, director of asset based lending at Lloyds Bank Commercial Banking, said: “Skilled roles are always in high demand, particularly in the manufacturing, construction and rail sectors. With this in mind, it was the ideal time for AndersElite to up its headcount and take ownership of the structure of its business.

“We’re committed to supporting mid-sized businesses and by providing ambitious recruitment agencies like AndersElite with the facilities they need to grow, they’ll be able to maximise opportunities as more skilled roles are created.”

www.anderselite.com