Meridian Business Support has announced the completion of a management buyout and the appointment of 11 new shareholders. Founded in 1989 by Rod Kavanagh, the national recruitment specialist supplies temporary, contract and permanent staffing solutions to clients across multiple sectors. The MBO was led by Meridian’s CEO, Derek Skelton, and financial director, Jeanette Barrowcliffe.
Since Derek’s appointment in 2017, Meridian has grown from strength to strength, exceeding all expectations for profit and cash management. The company has thrived in the challenging socio-political climate and had a turnover exceeding £100 million in 2021. “Meridian’s exceptional performance over the last few years has proven that the company is in very capable hands,” commented Rod Kavanagh. “I am confident in this decision and know that the future of Meridian will be bright.”
The completion of the deal has also meant Meridian’s new owners have invited an additional 100 of its team to take shareholder options, as part of an EMI scheme – a rarity within the recruitment industry.
Commenting on plans for the future, Derek Skelton said: “This seamless deal represents an exciting new chapter for Meridian. We have a word-class culture, as demonstrated in our 2022 Best Companies 3-star accreditation, and the move to include more employees as shareholders and share option holders will only strengthen this as we work together to identify new opportunities and developments for our future.
“We will continue to work closely with our clients, suppliers and candidates, and guarantee that they will always receive the same high standards of service that they expect,” he concluded.
