IT recruitment specialist Interquest has announced its acquisition of two companies for a total of £1.2m.

Newly-listed Interquest bought IT contract recruiter FJB and financial permanent recruiter Maxridge, both based in Essex.

FJB generated a turnover of £5.2m in the year ended January 2005 and pre-tax profits of £87,000. Maxridge turned over £630,000 and made pre-tax profits of £73,000.

Fred Banfield and Paul Cressey will join Interquest’s operational management team from FJB and Maxridge respectively.

Interquest will pay £400,000 cash on completion and a further £800,000 deferred for one year depending on the first year’s earnings. The deferred consideration will be paid 83% in cash and 17% in shares.

Interquest chairman Gary Ashworth (pictured) said: “We are extremely happy to make our first acquisitions following our listing in May. Maxridge and FJB fit our criteria of being well-run niche businesses and we look forward to expanding them within the Interquest group.”

Interquest has grown principally by acquisition after buying six businesses which provide staffing services to blue-chip clients. Its AIM listing is designed to fund further acquisitions.

Interquest is split into five divisions: Genesis, focusing on recruitment to financial institutions in London; Insight, which concentrates on specific technical niches; Interquest (UK), which focuses on retail; SBS which specialises in public sector work; and Itmail, an online search database used by all divisions.

Group turnover for the year ended 31 December was £24.4m and pre-tax profits were £927,000.