Search Consultancy Group (ìSearchî or the ìCompanyî), the fast growing UK recruitment specialist and one of Scotlandís largest recruitment companies, today announces its intention to seek admission to trading on AIM, a market operated by the London Stock Exchange, in July 2005.
Arbuthnot Securities has been appointed as sole Nominated Adviser and broker to Search.
The flotation will be effected through a placing of new and existing shares to institutional investors in the UK. The Company is seeking to raise new funds to repay existing debt and to help finance the continued expansion of the business through the roll-out of its network of large city-centre offices (ìsuper-sitesî).
Search was founded in Glasgow in 1987 and was acquired by its present management team in early 2000, backed by 3i Group. Since this time, the management team has delivered significant organic growth, producing a compound average growth rate in net fee income of 20% - a very strong performance compared with its quoted peers.
In the year ended 31 December 2004, Search increased turnover by 20% to 77.5 million (2003: 64.5m), increased net fee income by 24% to 22.9m (2003: 18.4m) and increased earnings before interest, tax and goodwill amortisation (ìEBITAî) by 94% to 2.9m (2003: 1.5m).
Search today operates from a network of 13 offices based around its super-site business model. Its offices are located in major UK city centres, predominantly in Scotland and the north of England. Search currently employs over 400 staff, of which some 275 are specialist sector consultants, and offers clients a full range of recruitment solutions across 16 different specialist areas, including: Accountancy & Finance, Call Centres, IT, Insurance, Legal, Office Services, Construction and Sales & Marketing.
Search has developed long-standing relationships with many of its 2,500 corporate clients, which include major blue-chip companies such as: HBOS, BSkyB, Tesco, Barclays, British Gas and Scottish Power.
Commenting on the announcement, Grahame Caswell, Chief Executive of Search said:
ìFollowing a successful five years since the MBI, we are pleased to announce the intention to float Search. We have built a highly successful business, with an excellent reputation for client service and for delivering recruitment solutions to a broad range of long-standing clients. Flotation will enable us to continue the roll-out of our super-site business model and will help to enhance awareness of the Search brand, particularly in southern England. It will also help us to attract and retain high-quality specialist consultants and enable them and other investors to share in the continued success of the Company.î
Search Consultancy Group - Intention to seek admission to trading on AIM
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