Empowering the Freelance Economy

Contract recruiter Outsource UK survives pandemic and expands national coverage

Nick Dettmar, Outsource UK CEO Photo Credit: Professional Images/@ProfImages
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Specialist contract and freelance recruitment company Outsource UK has weathered one of the most trying economic periods for the recruitment sector and completed a management buyout.

The Swindon-based firm has expanded organically and through acquisitions to achieve national coverage, generating more than £70 million revenue across its eight key sectors – technology, logistics, engineering, defence, cybersecurity, financial services, governance, and the public sector.

Paul Jameson is the founder of Outsource UK and has been at the helm since the business started in the early 1990s, first as MD then as CEO and Founder
Photo Source and Credit: Outsource UK; Professional Images/@ProfImages

The MBO provides a successful exit for Outsource’s Founder Paul Jameson and enables CEO Nick Dettmar to lead the business into its next phase of growth, with the support of recently appointed Finance Director Adam Hodgson and the management team.

How did they finance the MBO?

The deal was made possible with the support of a flexible new finance facility from Close Brothers. Gambit Corporate Finance LLP acted as lead advisors on the transaction, responsible for negotiating terms with Paul Jameson, advising Outsource on the raising of its new facilities from Close Brothers and project managing a time-critical transaction process through to completion.

Jason Evans, Partner, Debt Advisory at Gambit said, “It’s been a pleasure supporting Nick and the team, delivering the fundraising within 6 weeks of approaching the funder pool, despite the current landscape. Outsource can now look forward to the next chapter in its impressive journey.”

On completion of the MBO, Nick Dettmar said, “We have an extremely talented team, supported by a phenomenal client portfolio and we are all very excited about our future. I’d personally like to thank Paul for his support over the last 6 years. I’d also like to thank Gambit, our Corporate Finance advisors, DWF Law LLP, our legal advisors, and Close Brothers, our funders, for their significant contributions to ensuring the success of the MBO.”

The Gambit deal team was led by Geraint Rowe (Partner, M&A) and Jason Evans (Partner, Debt Advisory) supported by Simon Marsden (Director) and Michael Dunn (Executive).

Geraint Rowe said, “We are delighted to have advised Nick and the management team on the MBO. Nick has grown and developed the business significantly over the past six years and Outsource is well-positioned to achieve further success under his leadership.”

DWF Law LLP provided legal advice to Outsource UK, led by Mark Gibson (Partner, Corporate), Richard Holmes (Partner, Banking) and Leah Glover (Senior Associate, Banking). Legal advice to Paul Jameson was provided by Clark Holt (Philip Humphreys, Partner). The Close Brothers team was led by Lorne Jonathan (Corporate Sales Director) and Craig Jones (Regional Sales Director).

Looking for a new contract? Search Jobs | Outsource UK (outsource-uk.co.uk)

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