BNB, a leading HR outsourcing, solutions and recruitment provider through its Barkers recruitment solutions, Norman Broadbent, Apollo and Garfield Robbins brands, today announces the acquisition of TCS Recruitment Limited, the UK’s leading independent recruitment solutions business.
The acquisition, BNB’s third in recent months, will complement the Group’s existing Barkers business, strengthening an already formidable offering. It will enhance management strength and will increase business in sectors where Barkers has not traditionally been represented.
TCS, which was founded in 1988, is an established recruitment solutions business which operates from three offices in London, Manchester and Bristol. Unaudited management information shows client media billings of 18.75m and profit before tax of 360k for the nine months ended 31 May 2004. Net assets at completion are expected to be approximately 0.8m, including cash of approximately 0.7m.
The initial consideration, payable in cash, totals approximately 4.1m, net of cash being acquired, with further consideration of up to 1.25m in interest bearing loan notes payable subject to the achievement of financial targets over the next two years.
John Langford (aged 45), the founder and Chief Executive of TCS, will continue to run the TCS business. Together with John and his team, we expect to realise significant synergies as we integrate the two businesses in the medium term.
Simon Grinstead, BNB’s Executive Chairman, stated ’The acquisition of the TCS business by BNB is another significant step in our stated strategy of enhancing organic growth through acquisition. It brings together, within the BNB Group, two of the strongest brands in the recruitment solutions industry, positioning us as the market leader.
This is a strategic move for both businesses. The first priority is to ensure that our clients benefit from the wider products and skills that this acquisition brings. We are looking forward to working with the TCS team to achieve these benefits, further reinforcing our competitive advantage’.
BNB resources Plc acquires TCS recruitment Ltd
BNB, HR outsourcing, solutions and recruitment provider has announced the acquisition of TCS Recruitment Limited