Envoy has agreed to divest its interest in its recruitment portfolio Global Resources Network (GRN) – which includes the Maris Subsea and Granite Recruitment (formerly Expertec) brands. The deal marks a minor reorganization of the Envoy group, with John MacGregor trading equity in exchange for the de-merged operations of the portfolio.
John acknowledged the importance of the de-merger for the recruitment group team:
“We have enjoyed the period of ownership under the Envoy portfolio, but the growth opportunity in the recruitment businesses could only be realized with this independent view. We have begun to add depth to the business through the acquisition of Granite Recruitment (formerly Expertec) last year, and we now have our sights set on further exciting developments. The capital structure in place will enable the team to meet these ambitious growth plans.”
Iain commented on the deal:
“Since forming Envoy 18 months ago, John and I have maintained a view that the recruitment portfolio should be de-merged from the rest of the group. Its growth ambitions and funding requirements will benefit from independence – whilst bringing greater focus to the other platforms within Envoy. We had planned to safely extract the entity for some time now, and I expect John, Steven and the great team throughout this portfolio will continue to build an exciting business – even through these tough market conditions.”