Northampton-based recruitment firm Impact Recruitment announced that its founding director Paul Hooper has become the sole shareholder of the company after acquiring his fellow founding partner Neil Kitchener’s shareholding in the business.

No specific financial details were disclosed however it was stated to be a “multi-million pound buyout.”

Impact was founded in 2002 by Hooper and Kitchener along with Nigel Buller. The company specialises in placing temporary and permanent talent with employers operating in industrial and commercial sectors, including engineering and technical positions. It operates from four locations across the East Midlands and serves a client base of approximately 150 employers.

After the firm’s initial growth, Buller subsequently sold his shares in the business to Hooper and Kitchener but has remained with the company as an employee helping to deliver its range of services.

Following the buyout, Impact stated that it aims to continue on its growth trajectory in its core East Midlands area, developing opportunities in new and existing markets. Hooper will assume overall responsibility for the future development of the company as Kitchener exits to pursue other opportunities.

Advising Hooper on the share buyout was Newcastle-based RG Corporate Finance. Legal advice was provided by Fladgate LLP. Tax advice to Hooper was provided by RG Business Tax.

Buller was advised by Philip Ellis of Optima Corporate Finance with legal advice from Gateley Plc.

Funding for the buyout was provided by Irish Bank Following the buyout, Impact Recruitment has also selected Allied Irish Bank to provide day to day banking facilities to the business, along with a working capital line.

Hooper commented, “Neil, Nigel and I have built a successful business, which I am keen to continue to develop by increasing our position in our key markets.  We have a talented team, with great experience and knowledge who will be instrumental in our future growth as we develop our relationships with new and existing clients, whilst strengthening our portfolio of candidates.  I wish Neil well for the future and thank him for the part he’s played in establishing and growing Impact Recruitment.”

Neil Kitchener said: “After successfully executing our three-year strategy exceeding all goals, most notably increasing sales from £8m to £13m, I feel that I am exiting with the business in its strongest ever position.  I am delighted that Paul has been able to acquire a 100% shareholding in Impact and I am certain that he will successfully take the business to the next level.”