NORTH WEST based Prime Time Recruitment Ltd, which has almost 80 branches around the country, has strengthened its position in the recruitment sector with the acquisition of ORS Recruitment Services Ltd, Runcorn in a £5 million deal supported by Bank of Scotland and 3i.
In addition to funding this transaction, the Bank has made a 'war chest' provision to support a series of anticipated corporate purchases in the coming months.
Prime Time was formed in 1992. Since then, managing director David Gallagher and his management team have steered the company to considerable success in the employment agency market.
David Gallagher said of the acquisition, "I am delighted to acquire such a strong market name in the area. It is an ideal move strategically and for our geographic and marketplace plans."
Iain Pirrie, associate director of structured finance at Bank of Scotland said, "This sector is very buoyant at present and the able management team at Prime Time has been optimising the opportunity to grow. There are however, further requirements to achieve overall national coverage and the intention is to fill gaps by organic growth, or acquisition where appropriate. The management has ambitious expansion plans and we have been assisting them in making appropriate financial arrangements."
Andrew Homigold of Pinsent Curtis advised the management and Gateley Wareing's Gareth John advised the Bank of Scotland.
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