Pertemps and Network Group Holdings re-joined in buy-out deal
New company to have turnover of more than £425m
The management teams of recruitment firms Pertemps Ltd and Network Group Holdings Plc have completed a buy-out of the two companies owned and run by the Midlands-based Watts family.
The succession plan for Tim Watts, chief executive of Network Group and chairman of Pertemps, will see the founding family take a reduced role in the day-to-day running of the business, which will have turnover in excess of £425m.
Started in Birmingham in 1961 by Tim Watts’ mother Constance, Pertemps grew and eventually de-merged its specialist recruitment arm – Pertemps Ventures – in 2004, renaming it Network Group, with Tim Watts taking over the running.
The re-joined business, which will be called Pertemps Network Group (PNG) will see employees owning 40% of the enlarged company. The Watts family will continue to hold a substantial stake.
Tim Watts said: “We are confident that the new enlarged business will be able to take advantage of the many opportunities that will present themselves in the recruitment industry in the coming years.
“The new enhanced group will be able to offer recruitment services to most areas and specialisms in today’s recruitment industry. We firmly intend to grow the business over a relatively short period of time.”