Thu, 25 Mar 2010 | MBO/MBI
A deal has been struck to save all jobs at Hexagon Human Capital, involving a management buy-out funded partly by Barclays Ventures.
The senior management group at the business formed an as yet unnamed holding company to buy the faltering business, 50 per cent of which is now the property of Barclays Ventures.
Chief of the newly formed holding company, Rob Walker, said that the management buyout took place quickly after the executive search and management provider fell into administration. The group will now include Archer Mathieson, Correlate Search, BIE and Euromedica. Oxygen will no longer be part of the group of firms.
A letter sent to employees last week by Walker stated, ‘I’m writing to reiterate the good news I spoke to you about earlier this week, the key point is that with the support Barclays Ventures from today onwards we have a secure and exciting new direction for the company that currently comprises the group.’
The letter continued, ‘Barclays Ventures is backing us financially and in return will take a 50% shareholding in the group which will de-list from AIM and become privately owned. This investment by Barclays Ventures is a clear sign of confidence, they share my belief that we have a great complementary business with fantastic market opportunities and highly talented people to exploit them.’
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