Gambit Corporate Finance Acts as Lead Advisor to Outsource UK on its Management Buy-out

One of the UK’s most successful independent recruitment companies, Outsource UK, has completed a Management Buy-Out (“MBO”) with the support of a flexible new finance facility from Close Brothers. The transaction provides a successful exit for Outsource’s Founder Paul Jameson and enables CEO Nick Dettmar to lead the business into its next phase of growth, with the support of recently appointed Finance Director Adam Hodgson and the management team.

Outsource UK has established a strong foothold in the recruitment sector and has curated specialist technology, change and engineering talent with marquee brands and blue-chip employers for nearly thirty years. Headquartered in Swindon, the company has expanded both organically and through acquisition to achieve national coverage, generating more than £70m revenue across its eight key sectors. Nick Dettmar was appointed CEO of Outsource UK in January 2018, after three years as COO and his experience spans 20 years in the recruitment and human capital solutions industry.

On completion of the MBO, Nick Dettmar said: “We have an extremely talented team, supported by a phenomenal client portfolio and we are all very excited about our future. I’d personally like to thank Paul for his support over the last 6 years. I’d also like to thank Gambit, our Corporate Finance advisors, DWF Law LLP, our legal advisors, and Close Brothers, our funders, for their significant contributions to ensuring the success of the MBO.”

Gambit Corporate Finance LLP acted as lead advisors on the transaction, responsible for negotiating terms with Paul Jameson, advising Outsource on the raising of its new facilities from Close Brothers and project managing a time-critical transaction process through to completion.

The Gambit deal team was led by Geraint Rowe (Partner, M&A) and Jason Evans (Partner, Debt Advisory) supported by Simon Marsden (Director) and Michael Dunn (Executive).

Geraint Rowe commented: “We are delighted to have advised Nick and the management team on the MBO. Nick has grown and developed the business significantly over the past six years and Outsource is well positioned to achieve further success under his leadership. This successful outcome is a testament to Gambit’s deep staffing sector knowledge and experience and our credentials in delivering MBO transactions which align stakeholder expectations."

Jason Evans added “It’s been a pleasure supporting Nick and the team, delivering the fundraising within 6 weeks of approaching the funder pool, despite the current landscape. Outsource can now look forward to the next chapter in its impressive journey.”

DWF Law LLP provided legal advice to Outsource UK, led by Mark Gibson (Partner, Corporate), Richard Holmes (Partner, Banking) and Leah Glover (Senior Associate, Banking). Legal advice to Paul Jameson was provided by Clark Holt (Philip Humphreys, Partner). The Close Brothers team was led by Lorne Jonathan (Corporate Sales Director) and Craig Jones (Regional Sales Director).

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