Recruiter Primestaff – one of the fastest-growing Scottish firms in the sector – is expecting its turnover to hit £20 million by 2020 and plans to grow its office network after being acquired in a management buy-out.
Chief executive Danny McIntyre, who founded the firm in 1993, put together the deal, which values the business at an estimated £5.5m, with finance director Tony Vezza, and believes it puts the business “in a great position”.
As part of the restructure, Vezza and construction director Michael Docherty will join McIntyre, operations director Carol Conlin and industrial director Sean McPolin on the board.
The buy-out also coincides with the firm moving to new premises in Glasgow’s Blythswood Square, providing further capacity for its headcount to grow from 30 at the office at present.
Vezza, who has been with the company for six years, told Scotland on Sunday that it intends to grow its burgeoning office in Edinburgh, and in terms of overall staff numbers: “If we can get to 40 by Christmas we’ll be doing well.”
In its latest financial year turnover exceeded £11m and profit overtook the £2m mark.
“We’ve seen growth in both gross margin and turnover year-on-year for the last five years now,” Vezza added, saying Primestaff is “well on track” to achieve the £20m target.
“Once we get to that stage we’ll assess again and see where we want to go.
“We just hope to keep growing and spread ourselves across the country,” he said, also noting plans to extend beyond west central Scotland.
He also pointed out the firm’s near-term plans to open up in Dundee and the Borders, and when asked if any M&A activity is on the cards, noted: “It’s always an option. It’s not in our plans at the moment [but] if something came along we would obviously look at it.
“If it happens and it’s right for us we’ll do it, but we’re not in a position where that’s what we need to do to grow.”
McIntyre said that “the right team” is in place to develop the business, and they bring expertise that covers “a number of sectors and makes the business more flexible”.
He added: “Like all companies, we faced a difficult time in the recession, but we have come out the other side stronger and more profitable than ever before.”