Co-founders full MBO at recruitment consultancy
Pictured: Terry Batty and Tom Fox
A management buyout was completed by the co-founders of a Leeds-based recruiting firm specializing in the Fast Moving Consumer Goods (FMCG), Igaming and Technology sectors.
Terry Batty and Tom Fox, who founded Clear Edge Search & Selection Ltd in 2011, now own 100 percent of the company after acquiring a stake in corporate shareholder CSG.
CSG, an international personnel and executive search company with more than 200 employees in seven offices on four continents, supported the establishment of Clear Edge by providing the co-founders with capital investments as well as training, IT, accounting, finance and back-office services.
The support enabled Clear Edge to expand its presence in the consumer goods and digital sectors and place candidates in positions ranging from middle management to board level. The company has built up special market knowledge in the areas of food, beverages, consumer goods as well as health, beauty and household products.
It has also expanded into the sports betting and igaming sectors and established its own division, Clear Edge Betting & Gaming, to serve these markets.
The MBO, backed by funding from HSBC, gives Batty and Fox autonomous ownership of Clear Edge and enables them to implement the next level in their scale-up strategy to increase their share in their key markets.
Terry Batty, Director of Clear Edge, said, “CSG’s support has been an invaluable part of business development and has allowed our team to focus on delivering world-class service to our clients and candidates.
“We have seen positive growth in our core markets as FMCG continues to be a cornerstone of the UK economy and we look forward to the next stage of our expansion journey.”
Wayne Underwood, co-owner of CSG added, “The investment and advice we have provided to Clear Edge created the fundamental building blocks needed to build and grow the company, and we are proud of them Advances made by the company are confident that the company is now able to stand independently under the effective leadership and ownership of Terry and Tom. “
Corporate finance advice for the founding shareholders was provided by RG Corporate Finance (RGCF) from Newcastle, Carl Swansbury, led by partner and Head of Corporate Finance, and corporate finance assistant Ben Kain.
Tax advice was provided by RG business tax director Liz Rothery with legal advice from Gordons. Legal advice for CSG was provided by Shoosmiths.
Ben Kain, CF Assistant at RGCF said, “The relationship between Clear Edge and CSG is a great example of the positive results that can come from combining start-up entrepreneurs and an established business organization. The relationship has ensured that Clear Edge has a solid foundation for future growth, building on its position in the dynamic consumer goods and digital sectors. Carl and I were delighted to advise Terry and Tom on this MBO and we wish them all the best for that Business to scale in the years to come. “
