Concilium Search has bought out its original investor giving its directors overall control of all shares in the business. Headquartered in the City of London and specialising in life sciences, industrials, IT and management consulting recruitment, Concilium is now principally and independently owned by directors Maduka Okeke, Richard Ogbogbo and Richard Walker-Taylor.
The trio have bought out Networkers International – owned by recruitment services business Gattaca Plc – following a 12 month period of negotiation. A share buy-back deal was agreed after a comprehensive evaluation of the business by international accountancy firm Mazars.
Mr. Okeke, chief executive officer at Concilium Search, has now officially assumed the role of chairman at the company, increasing his shareholding whilst creating options for members of the board and all partners.
The buyout follows a highly successful year for the firm, with the opening of its New York office in 2018 boosting global average monthly sales by 30 per cent, and the launch of its Amsterdam base later that same year increasing European sales by 35 per cent.
The company increased its turnover by 55 per cent from £7,501,860 in 2017 to £11,623,300 in 2018 and is forecast to double its turnover again to over £19m this year. The business now employs more than 50 people and services clients in over 40 countries across the globe.
“At the inception of the business there were many motivated investors that wanted to be part of Concilium Search and, in the end, I agreed a deal with Networkers International, due to their track record in recruitment across the globe,” said Mr Okeke. “Our relationship has been highly successful, and we have grown and achieved many of our ambitions, as has been demonstrated by the launch of our New York and Amsterdam offices in 2018.
“However, my vision was to ultimately move share ownership towards those who were part of the business at the start and others that have subsequently joined and helped it grow,” he continued. “Now all share ownership is with the people intrinsic to the ongoing growth of the business. I am excited about the future for Concilium Search and look forward to seeing the business achieve our planned profitability targets and growth forecast.”
The change in shareholding structure represents another key milestone in the growth of Concilium Search and follows on from a key seven-figure funding package deal agreed with Lloyds Bank Commercial Banking in May this year.
Mr Okeke added: “The increased majority shareholding means that the business can continue to move forward on a platform of sustainable growth that is now completely determined and designed by its senior management team, partners and employees.”