- Type of finance
- Business need
Buying a business
“The support from the Development Bank of Wales was about so much more than just the money. They’ve believed in us every step of the way and stood by our side from when we first started preparing for the MBO some four years ago; providing support, guidance and advice to allow ALS to flourish. Through that support, we’ve been able to achieve remarkable progress over the last two years; more than doubling revenue, growing the team and mobilising some significant national contracts in the UK recruitment market. Our substantial growth in 2020, despite the impact of Covid-19 on the general recruitment sector, has put us in a strong position for the future.”
A leading recruitment firm specialising in the UK wide recycling, warehousing, distribution and manufacturing sectors, ALS has a blue-chip customer base including major national companies.
In 2018, the Development Bank supported the company with an equity and loan investment to enable a management buyout. The Development Bank took a 20% stake in the company as part of the deal. The funding which came from the Wales Management Succession Fund enabled the company to relocate to a new 3,500 sq ft office at Van Road Business Park, Caerphilly and grow the team from 17 to 46 including three new board directors.
Revenue has more than doubled since the management buyout with the business exceeding £50 million turnover in the last financial year. Just over two years later, in 2021, CEO Steve Lanigan bought back the 20% stake taken by the Development Bank.