Synergy was established in 1997 with a key focus on the public sector markets. In 2010/2011 the business was experiencing financial difficulties and was acquired from Smith and Williamson by HCIG (nGage Specialist Recruitment) in May 2011. The strategy for the investment was to reduce overheads, improve back office efficiencies, reinvigorate the business development approach, and establish financial stability to help rebuild the company.
“It has been truly inspiring to be surrounded by the investment team. Exposure to some carefully chosen shared learning forums has been instrumental in developing my knowledge and skills as a CEO. The results below speak for themselves. In just a few years, I was able to transform a company fighting for survival to one of the fastest growing companies in the UK.”
FOUNDER & CEO OF VERITAS EDUCATION RECRUITMENT | FORMER CEO OF SYNERGY
Since investment Synergy achieved the following:
- Over £800,000 of costs were removed from the business in year one and Synergy became profitable
- Each year, the conversion from GP to profit has increased substantially from 15% in 2011, to a forecast of 31% in 2014
- 60% of headcount growth in an 18 month period from 38 to 61 Established a nursing division in January 2013 and by October 2013 the team had grown to 13 people
- 2014 was a year of outstanding growth; turnover increased from £27m to £34m, permanent revenue increased by 235% and total GP increased 34% to £3.04m