Work Group, a London-based recruitment firm has changed its name to Gordon Dadds Group PLC on Friday and began trading on AIM as a new enlarged group, after its offer for law and professional services firm, Gordon Dadds Group Ltd, was declared unconditional in all respects.

Work Group announced the £18.8 million reverse takeover of Gordon Dadds, now renamed Culver Holdings Ltd, last month. On Thursday, Work Group said it had received acceptances in respects of 11.9 million Gordon Dadds’ shares, representing 98.8% of its issued share capital. The deal was accepted by Work Group shareholders on Thursday and, with the offer becoming unconditional in all respects, the new enlarged group recommenced trading on AIM on Friday.

The new enlarged group said it has completed a placing of 14.3 million new shares at 140.00 pence per share, to raise £20 million for acquisitions and working capital. Work Group said its offer has been extended and will remain open for acceptance until 17 August 2017. The company intends to compulsorily purchase any remaining Gordon Dadds shares.

Gordon Dadds Group had a market capitalisation of £40 million on admission, with a total of 28.4 million issued shares.

"Today represents an important milestone for the enlarged Gordon Dadds Group. We now have the necessary capital to support the group's next stage of development which will enhance the group's profile with clients and potential target firms," Chief Executive Adrian Biles said.

The consultancy and resourcing operations of Work Group were acquired by Capita in 2015 and Work Group has been described as an investment company that “used to be a human resources consultancy.”