The STR Group, multi-award winning, Hampshire based recruitment company with 6 specialist brands in the STEM sectors is delighted to announce the successful completion of a management buyout with help from NatWest Bank and Bird and Bird Solicitors.
Founded as Southern Technical Recruitment in 2000 by Richard Crawley and Clive Hutchings in Cosham, the business has grown to one turning over in excess of £50m, employing 160 people and deriving over 40% of its revenues from Europe and the USA.
The deal sees the business now being controlled by Brett Stephens, Darren Day and Clive Hutchings with Chairman Richard Crawley and Group Commercial Director Steve Saunders leaving the business.
Richard Crawley said “Brett Stephens was our very first employee and has been an integral part of the business from the outset. I am delighted to see him taking a significant part in the business by moving into the CEO role. Darren Day joined the business 6 years ago and has successfully built a series of strategic business relationships which are underpinning our growth.”
Steve Saunders added “I’m proud to have been a part of the successful growth of the business and to have worked with some truly amazing people both past and present. It has been a fantastic 18 years but the time is right for the new management team to step up and take the business forward. The Group will be in good hands with Brett Stephens, Darren Day and Clive Hutchings at the helm.”
Darren Day, STR Group’s new Chief Operations Officer commented: “First and foremost It will be business as usual for all clients and candidates as existing members of the board take ownership of STR Group. We have however already embarked on a company-wide review of activities, with the aim of enhancing our client offering, developing new opportunities and markets, and forging strategic partnerships with like-minded clients in numerous industries globally.”
Commenting on the deal, Simon Finch, NatWest corporate partner, said “We have worked with STR Group for many years and this deal is the culmination of a huge amount of time and effort by the STR Group Board and shareholders. It was a great opportunity to bring a bank wide solution to STR, alongside my colleagues, and unlock their international expansion. STR Group has enjoyed huge success by providing the very best service and solutions to their clients and candidates. Their management buyout allows the new management team to unlock their potential and take the business even further.”
Simon Fielder of Bird & Bird’s London office led the legal team. Bird & Bird have been STR’s corporate lawyers for the last two years and its international network has been invaluable as part of STR’s growth. Simon Fielder commented “we work on a lot of this type of transaction and we were very impressed by the drive the whole transaction team had and the commercial and constructive approach all parties to the deal took which meant that the transaction was able to be executed to a tight timescale and in an efficient manner. We have very much enjoyed working with Richard and the team at STR and we wish the management team every success in taking the business forward”
