Belfast investment vehicle acquires midlands recruitment firm
25th Jan 2008
A Belfast-based equity investment business has acquired a Nottingham-based recruitment company with support from Ulster Bank. Synetecs, which was formed last year by the former directors of ICT services company BIC Systems and is headed by former BIC Chief Executive Ed Vernon, has purchased Macildowie Associates, a finance and HR recruitment specialist which covers the whole English Midlands region.
Director, John Convery, says that Synetecs now plans to implement a strategy to grow the business, which currently employs around 50.
"Macildowie is the leading finance and HR recruitment specialist in the English Midlands. It is already profitable and successful, however we saw the opportunity to add further value, to grow its share of the market and to expand outside its existing areas of operation." Mr Convery says.
Ulster Bank Director of Corporate Banking, Kevin Kingston, says: "The Synetecs team has a tremendous wealth of commercial experience and an extremely successful track-record in business transformation. We are confident that this will allow the team to make significant improvements to Macildowie Associates which will result in enhanced profitability and opportunities to grow the company.
Macildowie Associates covers Coventry, Warwickshire, Leicester, Nottingham, Birmingham, Lincolnshire, Derbyshire, Northampton, and Staffordshire and also into Milton Keynes and Cambridgeshire.
Synetecs was formed in October 2006. The shareholders and executive board of the company are comprised of former directors of BIC Systems, Northern Irelands largest indigenous ICT company before it was acquired by BT plc in 2004. Its four directors are Ed Vernon (CEO), John Convery, Paul Milling and Alan Lillie.
The highly experienced Synetecs team has a track record in business transformation management with expertise in strategy development and execution, sales development, service delivery, operations, and financial management.