For immediate Release-Thursday 11th August 2005
Premier Group - The Recruitment Specialists acquires UK finance and accountancy recruitment consultancy Nigel Lynn Associates for a consideration of €9m.
Dublin, 11th August, 2005: Premier Group, the recruitment specialists have announced its expansion into the UK market with the acquisition of financial recruitment specialists, Nigel Lynn Associates. The sale was concluded for a consideration of c€9m. The Premier Group has over 110 employees across 6 offices in Ireland. The combined net fee income of the enlarged company is in excess of €30m from revenues of c€70m. This confirms Premier Group's position as the largest recruitment company in Ireland.
Premier Group provides specialist recruitment services in financial, office, technical and information technology recruitment, through its four brands in Ireland - Premier, La Crème, Brunel and Verkom.
Established in 1990, Nigel Lynn Associates is now the largest independent finance and accountancy recruitment consultancy in the UK, with 13 offices countrywide and over 180 employees.
Commenting on the acquisition, Pat Fitzgerald, Managing Director, Premier Group said: "Since our establishment in 1988, Premier Group has consistently out-performed its competitors in the Irish market. The UK represents the second largest recruitment market in the world with estimated sales of £24billion. The purchase of Nigel Lynn Associates, the largest independent financial recruitment company in the UK, is an ideal opportunity for Premier to gain a substantial foothold in this market.
In tandem with this acquisition, Premier Group has appointed Steve Carter as director with overall responsibility for its UK investments. Steve is recognized as one of the top executives in the recruitment market in the UK having held senior executive and M.D. roles with a number of the leading specialists in the accounting and finance recruitment market.
This acquisition is the latest phase in Premier Group's expansion programme and continues its policy of expansion through organic growth and strategic acquisition. Premier Group was advised on the transaction by IBI Corporate Finance and the funding was provided by Bank of Ireland Cork.
For further details contact:
Mary FitzGerald Public Relations
Dublin 2, Ireland.
Telephone: (01) 669 4759. Mobile: 086-2520181