InterQuest Group acquires digital recruitment agency ECOM for £7m
27 November 2013
IT staffing group InterQuest Group has acquired digital technology recruiter ECOM Recruitment in a deal worth up to £7.04m.
Wed, 27 Nov 2013IT staffing group InterQuest Group has acquired digital technology recruiter ECOM Recruitment in a deal worth up to £7.04m.
The deal comprises an initial £3.04m in cash and £500k worth of InterQuest shares, with the rest of the payment made up of a loan note which will be paid by the end of December next year. It will be financed from InterQuest’s existing bank resources.
ECOM’s Tim Fleetwood will remain with the business as managing director, while co-founder Vincent O’Shea will manage the hand-over of the business and then leave to pursue interests outside of recruitment.
ECOM was founded in 1999. In the year to 31 March it reported adjusted earning before interest and tax (EBIT) of £850k and had net assets of £800k.
Today also sees InterQuest release a trading update, in which it says it has been an “excellent year” with UK markets strong, although “business in Singapore has continued to experience difficulties”. Despite this, trading is said to be “in line with management's expectations”.
The deal comprises an initial £3.04m in cash and £500k worth of InterQuest shares, with the rest of the payment made up of a loan note which will be paid by the end of December next year. It will be financed from InterQuest’s existing bank resources.
ECOM’s Tim Fleetwood will remain with the business as managing director, while co-founder Vincent O’Shea will manage the hand-over of the business and then leave to pursue interests outside of recruitment.
ECOM was founded in 1999. In the year to 31 March it reported adjusted earning before interest and tax (EBIT) of £850k and had net assets of £800k.
Today also sees InterQuest release a trading update, in which it says it has been an “excellent year” with UK markets strong, although “business in Singapore has continued to experience difficulties”. Despite this, trading is said to be “in line with management's expectations”.
