In statement, the group, which consists of specialist financial services recruiter BRUIN Financial, consulting business IBAM Consulting and executive search firm LUDGATE Search, revealed the deal is accompanied by new banking facilities to help the group expand into new financial services sectors, resourcing solutions and further develop its UK business.

Commenting on the deal, Colin Webster, co-founder of FISER in 2010, who led the management buy-out and is now the company’s CEO, said the deal had been planned for “some time”, while the group has “ambitious plans in the pipeline”.

The MBO team is made up of FISER Group chief operating officer Kirstin Duffy, BRUIN Financial managing director Emily Ayre, IBAM Consulting partner Francesca Whiteley, BRUIN Financial director and head of contracts, temporary and change Ellen Mulvey, and BRUIN Financial director, asset & wealth management Kirsty Pineger.

No mention was made of previous CEO Robert Thesiger in the MBO statement.

UPDATE: The company said Thesiger has now left the company and moved to live in France, where his family is based.