Equity boom fuelling demand for top executives in the North

The booming private equity scene is leading to fierce demand for senior executives in the North of England, says Leeds-based Hitchenor Wakeford Executive Search.

Recent research by the British Venture Capital Association revealed that 1.2m people are employed in businesses backed by venture capital or private equity firms, and that in the five years to 2005-6 these companies increased staffing levels by nine per cent - a higher growth rate than companies in the FTSE 100 or FTSE 250.

Outside of the Square Mile, Manchester and Leeds have the largest private equity communities in the UK. Top players Montagu, 3i, ECI, LDC, Altium, Zeus Capital, Barclays Private Equity, Aberdeen Murray Johnstone, ISIS, Gresham, Endless LLP and Phoenix are all located in the cities.

David Tunna, director at Hitchenor Wakeford Executive Search, based in Leeds, says:

The vast number of new investments and exits is fuelling demand for senior executiveís right across the North of England. Private Equity firms are growing employment especially for senior managers who have the skills to steer a company in the right direction.

These businesses are investing in enterprise, training and business development and as a result employment expands. Senior people are needed to play key roles in developing companies backed by private equity. 2007 will be boom time for the North of England as larger, more frequent investment opportunities are uncovered by private equity.

ìHowever, although there are more opportunities for people to progress their career, it also means that companies are working harder than ever before to keep hold of their talented people. Buyback packages, where people are tempted with increased offers from their existing employer are also on the rise. We are seeing an increase in instructions from private equity backed companies and from the private equity houses to secure new talent on a monthly basis and we expect this to continue.î

John Wakeford, managing director of the Hitchenor Wakeford Group, added:

ìPrivate equity backed businesses realise that the key to healthy returns lies in the quality of the companyís management. When a need to enhance or change any part of the team is evident, whether pre-completion, during the investment period or in the run up to exit, interim managers perform a valuable function. Using the skills of finance, management and strategy experts on a short term basis gives them a competitive advantage and boosts performance.î

The Hitchenor Wakeford Group which comprises of three separate divisions (Hitchenor Wakeford Executive Search, Hitchenor Wakeford Interim and Hitchenor Wakeford Selection) now employs 22 people between its offices in Leeds and Manchester. The Group is on target to achieve a turnover of 6.6m by the end of 2007. Current clients include First Direct, The Derbyshire, Cranswick PLC, Zeus Capital, Bradford and Bingley and Maplin Electronics.

The company was founded in January 2006 by Adrian Hitchenor, John Wakeford and David Tunna. Mr Hitchenor was previously a director in recruitment giant ECHM, which was acquired by Imprint PLC in 2005. John Wakeford previously worked for Whitehead Mann and David Tunna arrived from Imprint PLC.