New beginnings for Nu-Staff as Development Bank of Wales funds management buy-out

The Directors of Chepstow recruitment agency Nu-Staff have completed a management buy-out that has been part-funded by a six-figure loan from the Development Bank of Wales. 

GS Verde Group advised David Matthews and Paul Fletcher on the acquisition of the business that was first established by the late John Scriven in 1993. Paul started with Nu-Staff in 2001 while David joined the company as Operations Director in February 2021, having spent over 20 years working in recruitment in South Wales. They will work alongside co-Director Michelle Mallett.

Operating throughout South Wales and the West, Nu-Staff has offices in Chepstow and Cwmbran. Core sectors include aerospace, manufacturing, automotive, commercial and engineering with clients that include household names. 

Director David Matthews said: “John was a well-respected and well-liked recruitment professional who worked hard to develop Nu-Staff over a 30-year period. He took great pride in going above and beyond to match the right individuals with the right employers. For him, it was all about reputation. 

“We are committed to building on John’s legacy and will continue to take the time to understand the ongoing and ever-changing client and market requirements. Indeed, we are all focussed on delivering long-term support with tailored services that meet the needs of our clients across the south of Wales and west of England. We are very grateful for the support that we have had from both GS Verde Group and the Development Bank to enable us to take the business forward.”

Mike Fenwick, Director and Head of Corporate Finance for GS Verde Group said: “We were delighted to have worked on the management buy-out alongside the Development Bank, as this will see continuity of the business. It was a pleasure to assist the management team and we are excited to see what the future holds for them.”

Kelly Freeman is an Investment Executive with the Development Bank. She said: “Recruitment agencies play a major role in Wales’ labour market; helping employers to recruit the skills that they need and supporting social mobility. Nu-Staff has stood the test of time and has an exciting future ahead as the new team takes over the running of this well-established business. We wish them every success.” 

The loan for Nu-Staff came from the £500 million Wales Flexible Investment Fund that is financed by the Welsh Government and Development Bank of Wales. Loans, mezzanine finance, and equity investments are available for businesses based in Wales from £25,000 to £10 million.