Forsyth Barnes was founded in 2016 by managing partners Scott Parsons & Roheel Ahmad, with a vision to change the way that senior recruitment is delivered by providing a truly consultative and tech-led approach. They specialise in a range of senior appointments in Exec into emerging tech within etail, software and fintech industries, as well as having launched FB Sports to place C-Suite’s within the sports and entertainment industry.
The business currently sits at a headcount of 34, and in in five years has received zero external investment making them completely organic, something they take great pride in. Having recently been featured in the Financial Times for being in the top 250 fastest growing businesses in Europe, they are well on their way to achieving their mission statement of, ‘changing the way senior recruitment is delivered through excellence, integrity and pioneering solutions to become the fastest growing organic company in the world’.
Founders Scott and Roheel started the business in response to the perception of recruitment industry as a whole, and were passionate about changing it. A lot of recruitment businesses still operate on principles born in the 1980s, and Scott and Roheel were set on disrupting the market with a real investment in technology to automate admin side of the recruiter, allowing their consultants to focus on the relationship side of the role. For them it was not about the money, but delivering a great service and building a team of successful people in an environment in which they can thrive.
Off the back of their success, they have reinvested all of the profits into building and growing their business, and are now looking to give back.
“Having worked in recruitment for years before FB was founded, we became passionate about how the industry was perceived. We wanted our business to be more than just a 9-5. We want people to come into our office each day and feel like they’re a part of something bigger”, says Scott.
Equity give away
In a massive move within the recruitment industry, the two partners recently announced to their team that they were giving away one third of the business in equity – a pot estimated to be worth around £20 million – with no buy in. The equity scheme will see those who work for the business now, and in the next few years, go on to become millionaires when they eventually choose to sell their shares.
This is a first for a business of their size, and an incredible gesture to the people who helped them achieve such success.
“Scott and Roheel have never just been about profit,” said Grant Hutchison, manager of the etail – perm division. “They’ve always had a passion for disrupting our industry and building a real sense of pride within teams in working towards that goal. The move to partially own the company we help to build is massive, and will be life changing.”
Commitment to the team
The commitment towards their people is not exclusive to this equity scheme. Having spoken with several consultants, it’s clear the opportunities that are presented within the business. Samir Prince, head of sports – global is a great example of this. Samir had a goal of relocating to NYC as a child, and after voicing this to the partners they put him at the forefront of their expansion plans to the US.
Samir now leads a team of four, with plans in place to move to New York by the end of January 2022 and continue working with the biggest names within sports and entertainment including MSG, FIFA, and Wimbledon AELTC to name but a few.
“Not only have I achieved a lot of personal achievements, but I’ve received five promotions in five years, and am now heading up my own team in our London office, with plans to relocate to NYC imminently,” comments Samir. “The best thing about this journey, is that this is only just the start. We are at the beginning of something huge, and with what we have planned for the next 12-24 months, I am truly excited about what’s to come. A lifelong dream of mine was to go and work in New York City, which is now becoming a reality thanks to Forsyth Barnes.”
Speaking with people in the business, it’s clear that industry contribution is massively important. “Recruitment is a fantastic career that affords so many opportunities to hard working, intelligent professionals,” says Scott. “Our dream is to professionalise the industry to new levels to be on par with other professional services – solicitors and accountancy practices – and have done this by productising solutions to offer more value to a client than just recruitment, to elevate ourselves in this world to provide solutions rather than problems rather than traditional recruitment.”
Their dedication to taking a truly consultative approach, getting to know not only the needs of their clients, but them as people, has meant that nearly 75 per cent of their revenue this year has come from repeat business. This, paired with nurturing new relationships with some of the biggest names and brands in Etail, fintech, software and sports industries, has gone on to see them achieve a record breaking EBIT – the first recruitment business to ever achieve this figure within the timeframe; as well as a record turnover figure – all without a single penny of investment.
Expansion with success
Their lack of investment in the face of their success is perhaps even more impressive when looking at their newly built office in Nottingham city centre. After expanding to Nottingham three years ago, they grew out of a 350 sq. ft. space and transformed a 5,500 sq. ft. Category A office into a sales hub equipped with two modern board rooms, with the main featuring switch glass that frosts up for privacy at the touch of a button! As well as a basketball net and mini putting green, all emanating from the sports/tech led theme.
Aside from creating an incredible work space, the build created 100 jobs for the local community – all in the middle of the pandemic. The space has been dubbed ‘the coolest office in Nottingham’ during a series of open days hosted by Forsyth Barnes amidst their period of hyper-growth, as they seek to reinvest everything from their record-breaking year in 2020 into hiring more talented sales professionals. They aim to do this as early as they can to make sure the new recruits are entered into the equity scheme as early as possible!
Speaking with Scott’s assistant, Sophie, she spoke of something that really stuck with her: “When word of the FB Equity Scheme got around, Scott got a lot of messages from peers within the industry – as you can imagine! They were all asking the same thing – why?! I have to admit I asked the same question, to which he responded he’d rather see me a millionaire, than have a million in his own pocket. I think that’s incredible.”
The pot is divided between divisions, with progression being the most significant in earning more shares. The partners have a real passion for career development, with most managers being home grown having climbed up the company ladder from consultant level. Hence it made sense to them to reward promotions with equity points.
Every six months the team will be sat down individually to discuss their career progression, as well as their shares and its value. Meaning over the course of the next few years, each person in Forsyth Barnes will be in meetings twice a year to learn how close they are to a pay-out that for some will be over £2 million pounds. Or for others who would rather watch their shares grow in value, a figure that could exceed that figure substantially.
