07.08.2009 - Interquest invests in Korus Recruitment Group
07/08/2009
InterQuest Group plc has announced a £200,000 investment in Korus Recruitment Group Limited for a 50.1% controlling interest in Korus Recruitment Group Limited and makes available further debt funding options to the company to fund its ambitious growth plans. This represents InterQuest's third venture under its IQ Equity Programme.
Korus commenced trading on 1st January 2009 and is the parent company for a Group of start-up, specialist recruitment companies led and managed by Chief Exec David Seear. So far, two new businesses have been established in Chester and Hayward’s Heath and are trading in line with expectations. Each new group company will be managed on a day to day basis by ‘Business Leaders’ who can both derive an income whilst growing their business and also build a meaningful shareholding, via a performance driven equity participation scheme.
David Seear was previously a joint founder, shareholder and Chief Executive of Sand Resources Limited, a £30m revenue, specialist IT recruitment firm, established in 1999. The company achieved rapid growth from the outset, exceeding £1m turnover in its first year and went on to be ranked as one of the UK's fastest growing privately owned firms. Sand Resources was acquired by InterQuest in May 2006 and continues to grow revenue and profits within InterQuest. David left Sand in April 2008 since when the company has continued to thrive.
Under the terms of the new joint venture, InterQuest will own 50.1% of the equity in Korus with the remaining 49.9% equity owned by David Seear.
Commenting on the investment Gary Ashworth, Chairman of InterQuest said: "We are delighted to team up again with David Seear who has started, successfully built and sold two recruitment businesses to date and we look forward to building another strong, specialised and highly profitable group of recruitment businesses."
Korus Chief Exec David Seear said: "I am very pleased to be joining forces with InterQuest again and look forward to combining my entrepreneurial background with the skills and infrastructure of the InterQuest team. One of my greatest challenges now is to engage with exceptional individuals who can take on the roles of Business leaders within the various Korus Group companies. These people will be successful, hands-on recruitment consultants who are ready to take the next steps in their career, with the backing, experience and infrastructure of a substantial group behind them.”