Boardwalk Investments Ltd (“BIL”) has acquired Midlands-based Willsco Limited and its wholly owned subsidiary Anystaff Recruitment Limited for an undisclosed sum.
UK-based BIL provides staffing and recruitment services to a number of clients across an array of industry sectors throughout the UK. Privately owned, BIL was established in 2009 and has achieved outstanding growth in recent years both organically and by acquisition.
Willsco Limited and Telford-based Anystaff Recruitment Limited, owned by Matthew Williams, specialises in the placement of temporary and permanent blue collar labour into food, automotive and manufacturing businesses.
It complements BIL’s existing activities while also giving a greater presence in the Midlands and in the food and automotive sectors.
The deal was led by Ryecroft Glenton Corporate Finance in Newcastle.
Legal advice was provided to Matthew Williams by Peter Savage, partner and head of recruitment services team at Morrisons Solicitors LLP. Tax advice was provided by the transactional tax team at Ryecroft Glenton Chartered Accountants, headed by Tim Mallon. Rosemary Penn-Newman of BTG Corporate Finance in Southampton acted as corporate financier to BIL with Stephen Ward of George Ide LLP providing legal advice.
Carl Swansbury, corporate finance director at Ryecroft Glenton Corporate Finance worked closely with Willsco Limited to identify a potential buyer for the business and managed the deal through to completion.
He said: “This is a fantastic result for Willsco, Anystaff and BIL – the businesses fit perfectly. In Mr Williams we found an exceptional entrepreneur and not least a very well run business. It has been a real pleasure advising and leading the transaction and we wish Willsco, Anystaff and Boardwalk every success together going forward.”
BIL said the acquisition was in line with its business strategy of making “selective bolt-on acquisitions to broaden both revenue stream and customer base”.
Tom McMurray, chief executive, said: “We were very impressed with the business and felt it would be a great complementary fit with ours. Anystaff has a great customer base that we hope to build on. This continues our strategy of acquiring businesses and we continue to look for further opportunities.”
Matthew Williams, who will continue on in the business to help build the new group’s offering, said: “An exciting future lies before Anystaff. Joining forces with an ethical company that truly cares about its clients and applicants is the main reason we elected to be acquired by BIL. It has the influence of a strong national agency, with the attitude and ethics of a smaller independent, which is a great combination. BIL is really going places and the Anystaff team is looking forward to the journey ahead.”
Rosemary Penn-Newman said: “This is a terrific deal for BIL. We were very pleased to act for them on this and also their recent acquisition of Poole-based recruitment agency Capital Public Sector.”
Peter Savage commented: “We were delighted to work with Matthew Williams to deliver a high quality deal in what remains a difficult environment for company sales.”