ThinCats supports Nigel Wright Group’s management regain 100% share ownership
ThinCats, the leading alternative finance provider to mid-sized SMEs, has provided funding to support the recruitment firm, Nigel Wright Group, to purchase all outstanding equity from their institutional shareholders.
This results in 100% management ownership of the business and completes the MBO initiated in October 2020.
Nigel Wright Group operates from its headquarters in Newcastle upon Tyne where it remains the leading and largest specialist recruitment firm in the North of England and has expanded across Europe to become the number one consumer sector search specialist.
Since the MBO, the business has enjoyed rapid market expansion both in the UK and across Europe. Last year was the most successful in the company’s 34-year history with record Net Fee Income and profit. Fee earner headcount has also increased by 25% and the firm has launched a new interim business in Germany as well as expanding into Yorkshire where it is establishing an office in Leeds.
The management team was advised by Nick Johnson, corporate finance partner at Ryecroft Glenton and Ben Butler at Womble Bond Dickinson.
Paul Wilson, CEO, Nigel Wright Group: “During the pandemic we invested significantly in the business and grew market share in all of our territories. My thanks go to the teams at Ryecroft Glenton, Womble Bond Dickinson and ThinCats in getting this transaction completed. We are actively implementing our growth strategy and remain excited about the opportunities this provides for our people across the Group.”
Nick Johnson, Ryecroft Glenton: “This transaction marks an exciting new chapter in the history of Nigel Wright Group. The business goes from strength to strength both in the UK and internationally, remaining agile and responsive to changing market demands, which is testament to the quality of the whole team. It is very rewarding to have advised and supported the management team on this final phase of the management buyout, leading to 100% management ownership. I have no doubt that, with ThinCats’ support, we will see further continued growth in its operations and strengthening of its position in key markets.”
Ben Kimball, director regional business development, ThinCats: “It is a pleasure to work with ambitious businesses like Nigel Wright and we are excited to support Paul and his experienced management team through their next phase of growth across the North of England and Europe. From receiving the initial enquiry just before Christmas last year, we were delighted to complete the transaction so quickly to meet the required deadline.”
Ben Butler, partner at Womble Bond Dickinson: “We’re very proud to continue the long relationship between Nigel Wright and WBD and have no doubt Paul and the team will take the business onto further success.”
