Member Article

MBO enables Elevation to take off

Specialist recruitment firm Elevation today announced the completion of a six figure management buyout – with the business now acquired by newly formed parent company Elevation Consultancy Group. The buyout of the business, established in 2010, was led by Group Managing Director and Elevation founder Greg Parkinson and supported by fellow board Director, Lee Bhandal. Formerly part of the Horbury Group and delivering recruitment support to businesses across Yorkshire, Elevation grew despite being founded during the recession. It now has an annual turnover of c£4m, and employs more than 45 consultants recruiting across eight specialist divisions. Greg Parkinson, Elevation Consultancy Group’s Managing Director, said the move marked the start of an exciting period of growth for the business – with plans to expand not only its services within Elevation but also a new business venture called Parkinson Lee Executive Search that will form part of the new Group.

He said: “Lee and I are proud to say that the business has grown rapidly since it was established in 2010, and it is right that we now look to further expand the breadth and depth of services that we offer our current and future client base.”

As part of the newly formed board of Directors, Phil Hill has been appointed as Non-Executive Director and will join Greg Parkinson and Lee Bhandal on the group board. Phil is a qualified Executive Coach, a Business Mentor to a number of fast growth SME’s and a Chartered Accountant. Career highlights include six years as a Finance Director at Plc. level, nine years as Owner/ Managing Director of a High Growth Recruitment Business and seven years advising many businesses and their Directors in strategic growth.

Greg Parkinson said: “We have an excellent Senior Management team at Elevation which has now been strengthened even further by Phil Hill’s appointment as Non-Executive Director. Phil has extensive experience of advising and assisting owner managers in strategic growth and has a successful track record of delivering this within the Yorkshire Recruitment Industry.

’‘HSBC have not only supported Elevation in the completion of the MBO but has also shown real intent and belief in our business and the services we provide by providing an excellent platform for future investment if/when we require it. HSBC have also backed our plans to launch a new business venture, Parkinson Lee Executive Search, that Lee and I feel will offer the Yorkshire business community a new and fresh approach to executive search appointments. HSBC Senior Commercial Manager Chris Alsop added: “We were pleased to back this deal given the management team’s experience, expertise and desire to grow the business. There are some exciting times ahead for Greg and his team and HSBC is keen to support the company’s growth.”

Legal support for management was provided by Andrew Francey from Watson Burton LLP with John Baddeley of Wake Smith LLP acting for HSBC; Financial Due Diligence for HSBC and management was provided by Kevin Davies at BHP Corporate Finance. Elevation Consultancy Group continues to deliver services from its two offices in South and West Yorkshire.

This was posted in Bdaily's Members' News section by Robert Beaumont .