Established for more than 16 years, Tudor Personnel was a recruitment agency placing technical personnel on short and long-term contracts in the oil and gas sector. The vendor built the business from start-up to an annual turnover in excess of £20m, with a workforce of over 200.
Avondale were instructed to market this business for sale and following initial meetings with potential purchasers much interest was generated on the open market. The acquirer is a fast-expanding recruitment company operating nationally in similar industries.
As the business enjoyed high margins yet had relatively few clients, this could have potentially reduced the amount a buyer was prepared to pay. Avondale achieved success for both the vendor and purchaser by creating a well-structured, performance related deal with 60% of sales proceeds being paid on completion.
Also 40% was paid over two years with the owner remaining involved in the business during this period. It was with Avondale’s help that they had secured the long-term future of the business while also offering new opportunities to their staff and putting the new owners on course to meet its ambitious growth targets.