Mon, 11 Dec 2023 | MBO/MBI
Class People, a Cheltenham-headquartered education recruitment firm, has undergone a management buyout (MBO) for an undisclosed sum. The MBO sees Managing Director Naomi Howells acquire the majority share of the company, with founder and Chief Executive Lynis Bassett stepping back.
The company, which was founded in 2002 and generated £5 million turnover in its most recent reports, has six offices across the South West of England. Naomi Howells joined the family business in 2011, initially as a recruitment consultant. She subsequently established the company’s first regional branch in Bristol and was appointed Managing Director in 2019.
The MBO will enable the introduction of an EMI share scheme, meaning that the company’s employees can acquire shares and part ownership of the business. Lynis Bassett will remain on the company’s board and also continue as a trustee of Class People Foundation, the firm’s charitable arm.
Lynis Bassett said that handing over the running of the business to Howells was “a natural progression for the business”, adding that the MBO “heralds an exciting new phase for Class People, as it continues its work for the greater good of employment and recruitment in the education sector.”
Naomi Howells added: “Alongside our talented and experienced team, we’ll continue to build on the strong foundations that Lynis has worked so hard to establish for the business over the past two decades. With a growing client and candidate base, I could not be more positive about the future for Class People.”
“Lynis and I will continue to work closely together to ensure the success of Class People, which in turn provides the funding for the Class People Foundation, whose purpose is to provide funding to support the welfare, wellbeing and aspirations of children and young people in early foundation stage, primary and secondary education.”
Read about the growing popularity of MBOs
Find out more about M&A trends in the recruitment sector
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